FDI policy liberalised, 100% FDI now in retail, construction
The Dollar Business Bureau The Government on Wednesday made a number of amendments in India’s Foreign Direct Investment (FDI) policy for some major sectors. The Cabinet has allowed 100% FDI via automatic route in single brand retail trading and construction, while it has raised the existing limit in power exchanges and aviation sectors. “The Union Cabinet, chaired by the Prime Minister Narendra Modi, has given its approval to a number of amendments in the FDI Policy. These are intended to liberalise and simplify the FDI policy so as to provide ease of doing business in the country. In turn, it will lead to larger FDI inflows contributing to growth of investment, income and employment,” said an official statement. For single brand retail trading, ...
Next edition of consolidated FDI policy released by DIPP
The Dollar Business Bureau The next edition of consolidated FDI policy details were released by the Ministry of Commerce on Aug 28, incorporating the changes made last year. The Department of Industrial Policy and Promotion (DIPP) in its press release said that the ‘new circular will take effect’ from today ie, Aug 28, 2017. The consolidated FDI policy is a compilation of the various decisions taken by the government in the past year and the DIPP which deals with FDI related matters, compiles all policies related to foreign investment regime into a single document to make it simple and easy for investors to understand. This enables an investor friendly climate for foreign investors who would otherwise have to go through various press notes and ...
18% GST on international freight to make air-cargo non-competitive: PHDCCI
The Dollar Business Bureau Imposing Goods and Services Tax (GST) on international freight is going to make India’s air cargo services "non-competitive", said industry body PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday. Earlier, under service tax regime, freighters were exempted to pay any tax, whereas now they have been levied with 18% GST. “Putting 18% GST on international freight is totally unfair as this will impact the air cargo growth, said PHDCCI in a statement issued after an Air Cargo Summit, which is organised by the industry body on Wednesday in New Delhi. “Why would the Government of India want Indian exporters to pay extra 18% GST on freight and make our goods non-competitive in international market,” the statement said. Vipin Vohra, Co-Chairman, ...
After Modis Germany visit, what do Spain and France hold for India?
The Dollar Business Bureau After completing his engagements in Germany, Prime Minister Narendra Modi arrived in Madrid, the capital of Spain, on the second leg of his four-nation, 6-day tour focussed at enhancing bilateral economic cooperation with these four nations and to invite more investments into India. “Landed in Spain, marking the start of a very important visit aimed at improving economic and cultural relations with Spain,” Modi tweeted just after landing in Spain. Modi will be the first Indian Prime Minister to visit Spain in around 30 years. The last one was in 1988 by the then Prime Minister Rajiv Gandhi. “Hola Espana! Prime Minister Modi arrives in Madrid, first visit by an Indian Prime Minister in nearly three decades, is received by ...
DIPP Secy authorised to issue licences to pvt players for mfg defence items
The Dollar Business Bureau A gazette notification issued by India’s Home Ministry on Saturday, says that the Secretary in the Department of Industrial Policy and Promotion (DIPP) can now issue licences to private players for manufacturing defence items. Private sector players can now apply to the commerce ministry for licences to take up the manufacture of tanks, fighter planes, warships and other defence equipment. This is a step the government feels will promote ease of doing business and give impetus to the 'Make In India' initiative. However, the licences will be issued only after the Home Ministry supervises the contenders to the license. The power of issuing licences was exclusively with the home ministry earlier. The decision has been taken ...
Airfares to be revised on quarterly basis, under UDAN
The Dollar Business Bureau Airfares and subsidy by the government to airlines under UDAN scheme will be reviewed on quarterly basis depending on the inflation. The UDAN (Ude Desh ka Aam Naagrik) scheme, which seeks to connect under-served and un-served airports, provides for a limit on prices of air tickets and viability gap funding (VGF) for the airlines. The Ministry of Civil Aviation has said that VGF and caps on the prices of air tickets under the UDAN scheme would be revised every three months. The airfares would be associated with inflation, while VGF would be considered on the basis of inflation, aviation turbine fuel cost and dollar-rupee exchange rates. The first flight, under the UDAN scheme, took off from Shimla to New Delhi, last month. “Both airfare and ...
China's first large passenger plane makes maiden flight
PTI China's first large homemade passenger jet, touted as a competitor to Boeing and Airbus, made its maiden flight today, heralding the Communist giant's entry into the highly-competitive global aviation sector. The 158-seater C919 aircraft took to the skies from Shanghai Pudong International Airport in eastern China and made the country the fourth jumbo jet producer after the US, Europe and Russia, the state media reported. The 80-minute flight was greeted with applause by more than 1,000 spectators on the tarmac, including Chinese Vice Premier Ma Kai and Shanghai Party chief Han Zheng. The twin-engine plane departed with five crew members on board but without any passengers. "The maiden flight was exciting," said Wu Guanghui, C919's chief ...
Trujet launches flights to 3 routes under UDAN
The Dollar Business Bureau Trujet, the Hyderabad-based regional airline, has announced on Tuesday that it is launching its services on three new routes from Thursday, under the aviation-ministry mooted UDAN scheme. With this development, Trujet becomes the only flight-service on the routes of Hyderabad-Cuddapah, Hyderabad-Nanded and Nanded-Mumbai. Vankayalapati Umesh, Managing Director, Turbo Megha Airways Pvt Ltd, was quoted in a statement saying, “Providing Air Connectivity on hitherto unconnected sectors is part of our strategy of connecting un-served and under-served markets.” Trujet is promoted by Turbo Megha Airways, funded by Vankayalapati Umesh, actor Ram Charan Teja and others. It started operations in July 2015 with an investment of Rs.500 crore. Currently, it connects 8 destinations including Hyderabad, Tirupati, Rajahmundry, Vijayawada, Bengaluru, Chennai, Goa, and ...
