CITU opposes move to allow 49 per cent FDI in Air India

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Swadeshi Jagran Manch, the RSS economic wing has strongly opposed the decision of the Union Cabinet allowing 100% FDI under automatic route for Single Brand Retail Trading (SBRT) and Construction Development.

The Indian government's move to liberalise foreign direct investment (FDI) in the country's retail segment continues to gather momentum, following the relaxation of rules governing local sourcing of products. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment.

49% stake for Air India, automatic 100% FDI in single brand retail and real estate. It has now been made a decision to do away with this provision, thereby allowing FIIs/FPIs to invest in power exchanges through primary market as well, the release said.

Regarding the decision of the government of allowing 100 per cent FDI in single-brand retail trade, the CITU-the trade union of the CPI (M) - condemned the move and said that the decision would increase the hardship of traditional retail market. Definition of "medical devices" amended in the FDI Policy.

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It is rather more sad that the set of people making forceful arguments against FDI in retail from 2010 to 2014 became instrumental in bringing FDI in Retail this time.

The country received more than $60 billion in FDI in the past financial year running from April 2016 to March 2017, representing an all-time high. Under the current policy, there is a limit of 49% FDI and for 100% foreign investment, the approval of the Government was required. Earlier, the Government has introduced multiple changes in FDI policy for defence, insurance, construction development, pension, civil aviation, broadcasting, trading and pharmaceuticals.

The move should generate employment and give Indian consumers access to several global brands. -- WB projects 7.3% growth India's growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has "enormous growth potential" compared to other emerging economies with the implementation of comprehensive reforms. "In 2016-total FDI of United States dollars 60.08 billion has been received, which is an all-time high", it added.

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