The development is expected to clear the way for foreign airlines and Indian carriers to get into tie-ups to jointly invest in Air India. Now 100% FDI under automatic route for Single Brand Retail Trading and Construction Development will be allowed. Moreover, they have also expressed strong resentment to Union Cabinet's decision to allow foreign investment up to 49% in Air India and other decisions about easing of norms for FDI and FIIs.
Swadeshi Jagran Manch has also expressed its deep displeasure about government decision to allow 40% foreign investment in Air India.
While there have been efforts by previous governments to divest part of all of the state's stake in Air India, none has shown as much commitment and intensity as the current National Democratic Alliance. It will lead to larger FDI inflows contributing to growth of investment, income and employment. These are meant to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. FIIs/FPIs will also be allowed to invest in Power Exchanges through primary market.
India's financial year runs from April to March.
Regarding the liberalisation in the construction development segment, the government has made a decision to clarify that real estate broking service does not amount to real estate business and is therefore, eligible for 100 per cent FDI under automatic route.
Any single-brand retailer-which sell only their own products, such as IKEA or H&M-that opens stores in India has to buy at least 30% of the goods sold from Indian small and medium-size companies.
Since taking office in May 2014, Mr. Modi has eased foreign-investment rules.
However, he said, it was expected that the government's liberalisation of FDI norms for multi-brand retail would enable large global retail chains to invest in the country and bring latest technologies and retail formats into India.
CITU general secretary Tapan Sen said the airline's privatisation would give foreign entities control over the national carrier, which is a public sector company with a huge asset base and a high-revenue earning worldwide service network.
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