"It has now been chose to do away with this restriction and allow foreign airlines to invest up to 49% under approval route in Air India", it said.
It has now been made a decision to do away with this restriction and allow foreign airlines to invest up to 49 per cent under the automatic approval route in Air India as well, the government said in a statement.
The Government on Wednesday made a number of amendments in India's Foreign Direct Investment (FDI) policy for some major sectors.
Swadeshi Jagran Manch has also expressed its deep displeasure about government decision to allow 40% foreign investment in Air India.
"This breakthrough will open up millions of new employment opportunities, a push to investment activity in the economy and expansion in economic growth trajectory in the coming times", he said.
Even while acknowledging that changes in FDI policy should not be equated with big reforms - that description should be reserved for such changes as fundamentally reshaping agricultural or labour markets - this criticism is a tad unfair. 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.
The move is a departure from an earlier rule under which FDI up to 100 percent was allowed in single brand retail only under the government approval route.
Opening up of FDI for real estate brokers will surely help the sector in India.
Rabindra Jhunjhunwala, partner, Khaitan & Co, said: "The approval through the automatic route will quicken the FDI clearance process as no prior government approval would be required".
"However, after the completion of this five-year period, the single-brand retail entity shall be required to meet the 30 per cent sourcing norms directly towards its India operations on an annual basis", the government said.
According to a PTI report: The Confederation of All India Traders (CAIT) said the move will facilitate easy entry of MNCs (multi-national companies) in the retail trade. It remains an unfinished agenda for the government.
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