ON AUGUST 28, the Prime Minister’s Office (PMO) asked Niti Aayog CEO Amitabh Kant to be with Prime Minister Narendra Modi in the first half of the day. He was asked to make himself available during the evening as well.
Later, in the day, at a press briefing, Union Commerce Minister Piyush Goyal announced the much-awaited easing of sourcing norms for single-brand retailers. Also, 100 percent of foreign direct investment (FDI) was allowed in coal mining and contract manufacturing.
In single-brand retail, the 30 percent local sourcing norm was relaxed, and online sales were permitted even if they failed to open brick-and-mortar stores. The move was immediately welcomed by entities like Apple, which now has ambitious plans for India.
“The changes in FDI policy will make India a more attractive investment destination, leading to benefits of increased investments, employment, and growth,” said Goyal.
Five days ago, Union Finance Minister Nirmala Sitharaman had announced a slew of measures, ranging from relief to foreign portfolio investors (FPI) to measures soothing the nerves of the auto industry.
The increased surcharge on FPIs was withdrawn and the minister also announced the withdrawal of increased surcharge levied on short-term and long-term capital gains.
The measures, expectedly, boosted the markets and improved investor sentiment.
What is noteworthy that the moves came despite stout in-house opposition from powerful allies like the Swadeshi Jagran Manch (SJM). SJM co-convener Ashwani Mahajan said the removal of the surcharge was “a result of an act of blackmailing by foreign investors”. “I would suggest the government consider re-imposing the tax after some time,” he told BW Businessworld. The SJM has been waging an ideological campaign of sorts against “the dependence on FDIs and FPIs”.
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