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As India celebrates ten years of the ambitious '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Make in India" meta.hostid="153" meta.entityid="Make in India">Make in India</keyword>' initiative, Union Commerce and Industry Minister <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword> has revealed its profound impact on the nation’s manufacturing and economic landscape. Speaking on Wednesday, Goyal talked about the key milestones achieved since the initiative’s inception, especially the dramatic decline in mobile phone imports and a surge in domestic production. Goyal said how there has been the near-total localisation of mobile phone manufacturing. He noted that prior to the launch of 'Make in India' in 2014, India’s mobile phone imports stood at a staggering ₹48,609 crore. However, in 2023-24, that figure has plummeted to just ₹7,665 crore, marking an impressive 85% reduction. But the transformation goes beyond the mobile industry. <keyword id="22266334" type="General" weightage="20" keywordseo="manufacturing-jobs" source="keywords">Manufacturing jobs</keyword> have also seen a staggering 200% increase between 2022 and 2024 according to Goyal, providing livelihoods and boosting the industrial workforce. Goyal praised this growth, underscoring that 'Make in India' has become a national movement, driving India closer to its goal of becoming a global manufacturing powerhouse. In a post shared on X, the minister expressed his pride in the initiative’s achievements: "Today marks #10YearsOfMakeInIndia, a transformative initiative launched by PM@NarendraModiji in 2014, which has revolutionised India's manufacturing landscape and strengthened our economic growth. Over the past decade, @MakeInIndiahas become a national force, paving the way for our country to emerge as a Global Manufacturing Hub," he wrote. Launched in 2014 by Prime Minister Narendra Modi, the ‘Make in India’ initiative was conceived to transform India into a global manufacturing hub, reduce import dependency, and create jobs.

Manufacturing jobs in India grew by 200 percent in last 2 years, says Piyush Goyal

New Delhi, The government on Wednesday eased <keyword id="19946825" type="General" weightage="20" keywordseo="foreign-direct-investment" source="keywords">Foreign Direct Investment</keyword> (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The decision was taken at the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword> meeting chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Presently, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through government route only. By changing the current policy, the government has allowed up to 74 per cent FDI under automatic route in satellites-manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval will be required in these areas for FDI, it said. Up to 49 per cent FDI is allowed through the automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft. Beyond 49 per cent, FDI in these activities would require government approval, it added. Further, up to 100 per cent overseas investments are permitted under the automatic route for manufacturing of components and systems/sub-systems for satellites, ground and user segments. This increased private sector participation would help generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. Through the decision, the government seeks to liberalise the FDI policy provisions in the space sector by prescribing easy entry routes and providing clarity for overseas investments in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft and manufacturing of space-related components and systems. With this, companies will be able to set up their manufacturing facilities within the country, duly encouraging Make In <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> initiatives of the government.

Govt eases FDI norms in space sector; 100% in making components for satellites

The Cabinet Committee on Economic Affairs on Wednesday approved the FDI proposal for acquisition of 12.32 per cent of equity share capital, on a fully diluted basis, of <keyword id="7564494" type="COMPANY" weightage="20" keywordseo="ATC-Telecom-Infrastructure-Pvt-Ltd">ATC Telecom Infrastructure Pvt Ltd</keyword> by ATC Asia Pacific PTE Ltd. The acquisition is being done as a result of exercise of option by <keyword id="563005" type="COMPANY" weightage="20" keywordseo="Tata-Tele-Services-Ltd">Tata Tele Services Ltd</keyword> (TTSL) and <keyword id="5004980" type="COMPANY" weightage="20" keywordseo="tata-sons-pvt-ltd">Tata Sons Pvt Ltd</keyword> (TSPL). This share purchase would lead to <keyword id="10331238" type="UNKNOWN" weightage="20" keywordseo="foreign-direct-investment-inflow">foreign direct investment inflow</keyword> of ₹2,480.92 crore, a government statement said. With this approval, the cumulative FDI of ATC Asia Pacific PTE Ltd (<keyword id="10331237" type="COMPANY" weightage="20" keywordseo="atc-singapore">ATC Singapore</keyword>) into ATC Telecom Infrastructure Pvt Ltd (<keyword id="2206370" type="COMPANY" weightage="20" keywordseo="ATC-India">ATC India</keyword>) will be ₹5,417.2 crore in financial years 2018-19 to 2020-21. ATC Telecom Infrastructure Pvt Ltd is engaged in the business of providing <keyword id="10331236" type="UNKNOWN" weightage="20" keywordseo="passive-telecom-infrastructure-services">passive telecom infrastructure services</keyword> to telecom operators, pursuant to various approvals granted to it by <keyword id="116246" type="COMPANY" weightage="20" keywordseo="Department-of-Telecommunications">Department of Telecommunications</keyword>. The company has existing FDI approval up to 86.36 per cent and with this approval, it will rise to 98.68 per cent, on a fully diluted basis. The inflow of foreign investment to India will spur economic growth; as well as foster innovation, the government release said. FDI up to 100 per cent is allowed in telecom services sector wherein 49 per cent is under automatic route and beyond 49 per cent through government route, subject to observance of licensing and security conditions by the licensee as well as investors as notified by the Department of Telecommunications (DoT) from time to time.

Cabinet approves ₹2,480 crore FDI in ATC Telecom

Government proposes higher foreign direct investment in insurance

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, The <keyword id="26362" type="ORGANIZATION" weightage="20" keywordseo="Government">government</keyword> has received over 120 <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI) <keyword id="10476259" type="UNKNOWN" weightage="20" keywordseo="proposals-worth">proposals worth</keyword> about ₹12,000 crore from China since April, when it was made mandatory for a company from countries sharing land border with India to invest in any sector only after getting government approval, sources said. As per that decision, FDI proposals from China need government approval for investments in India in any sector. An inter-ministerial committee has been formed by the government to scrutinise these proposals, they said adding most of the investments are for <keyword id="2206799" type="PERSON" weightage="20" keywordseo="brownfield-projects">brownfield projects</keyword> (means in existing Indian companies). In April this year, the Department for Promotion of Industry and Internal Trade (DPIIT) came out with a press note stating that a company or an individual from a country that shares land border with India can invest in any sector here only after getting government approval. The decision was taken to curb opportunistic takeovers or acquisitions of <keyword id="435048" type="PERSON" weightage="20" keywordseo="domestic-firms">domestic firms</keyword> due to the current COVID-19 pandemic. "We have received 120-130 FDI proposals from China, worth about Rs 12,000 crore - Rs 13,000 crore," they added. India received FDI from China worth USD 2.43 billion (Rs 15,526 crore) between April 2000 and September 2020. Further sources said that certain Chinese companies have applied for registration for bidding in government contracts and those proposals have been sent to the home ministry. There are no restrictions on Chinese firms for bidding in projects funded by multilateral institutions, they said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Indian government has reportedly received 120-130 FDI proposals worth ₹12,000 crore from China since April

<ul><li>On Friday, the Central Statistics Office (CSO) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> stated that the Indian economy has grown by 8.2% during <keyword id="6846461" type="UNKNOWN" weightage="20" keywordseo="Q1-2018">Q1 2018</keyword>. </li><li>While this may make India the <keyword id="104231" type="PERSON" weightage="20" keywordseo="fastest-growing-economy">fastest growing economy</keyword> in the world at present, the added benefits of a growing economy are not at par with that pace. </li><li>That being said, the growth numbers for India has resulted in a stronger rupee since the markets opened today morning.</li></ul>While the International Monetary Fund may have <a href="https://www.businessinsider.in/why-the-imf-revised-indias-growth-projection-and-why-it-doesnt-matter/articleshow/65024850.cms">revised</a> its estimates for India’s growth this year, the Central Statistics Office (CSO) <a href="https://www.bloomberg.com/news/articles/2018-08-31/india-s-economic-growth-continues-world-beating-pace-at-8-2">announced</a> that the Indian economy grew by 8.2% between the months of April to June. This puts India at the helm as the world’s fasting growing economy beating China’s top spot., which witnessed a growth of 6.7%. The Finance Minister tweeted that the reforms put in place by government as well as the fiscal prudence shown by the regulators that are allowing the economy to grow even in the midst of global turmoil. That being said, overtaking China might have a lot to do with the ongoing <a href="https://www.businessinsider.in/indian-products-can-be-more-competitive-in-the-shadow-of-the-us-china-trade-war/articleshow/65294615.cms">trade war</a> between the Asian nation and the United States. 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="13245" retweetcount="3372" status="India’s GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represent… https://t.co/1aVLJCOifl" createdat="1535725757000" id="1035534996877049856"></div>





 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="3314" retweetcount="596" status="Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class." createdat="1535725836000" id="1035535329036525569"></div>





 The Economics Affairs Secretary, Subhash Chandra Garg, stated that India seems to be on track in its goal of meeting more than 7.5% growth for FY2018-19. 
	
	<div type="twitter" handle="SecretaryDEA" handlename="Subhash Chandra Garg" image="http://pbs.twimg.com/profile_images/893364676943241217/sYceriFF_normal.jpg" favoritecount="338" retweetcount="83" status="Excellent growth performance in I qrtr. 8.2% overall growth, 13.5% growth in manufacturing and over 10% in capital… https://t.co/0MGgQHxxWh" createdat="1535723306000" id="1035524719074635776"></div>





 The driving forces behind this growth are the country’s manufacturing and the consistent increase in the demand of consumption goods. A report <a href="https://www.businessinsider.in/local-phone-manufacturing-saves-india-3-trillion-through-make-in-india/articleshow/65517201.cms">published</a> by the Indian Cellular and Electronics Association (ICEA) analysed that the import substitution of cell phone manufacturing results in saving of ₹3 trillion for India. Growth without the benefits The main benefits of a growing economy, in theory, are employment generation, higher living standards, stimulating new investments, and a greater fiscal dividend. But the fact of the matter is that despite growth, the positive externalities are yet to present themselves. It’s not that jobs aren’t being created or that investments aren’t increasing, but their pace is at parity with the growth trajectory. The most recent report by the<a href="https://www.businessinsider.in/indias-wage-growth-significantly-trails-economic-growth-says-the-ilo/articleshow/65488218.cms"> International Labour Organisation (ILO)</a> highlights how India’s growth hasn’t been inclusive with a gaping rural-urban divide as well as a gender-wage inequality. And, speaking of <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI), while there has been a steady increase, it’s important to remember that it’s largely <a href="https://www.bloombergquint.com/opinion/2018/05/18/where-is-all-the-fdi-into-india-really-coming-from-and-going-to#gs.hYSow9Y">due to</a> ‘preferential’ tax treaties between India and countries like Mauritius and Singapore. The top three sectors to gain from FDI have been services, telecommunications and computer services. While long-term benefits are yet to pick their pace, in the short run we can see that the rupee has already <a href="https://www.livemint.com/Money/PzIU47dwgmmKyIS2L8WdDP/Rupee-strengthens-against-US-dollar-after-GDP-beats-estimate.html">strengthened</a> against the dollar since the news of India’s growth broke on Friday. It has increased to trading at ₹70.84 a dollar from ₹71 a dollar at market opening on Monday.

India overtakes China to become the world’s fastest growing economy in Q1 2018

<ul><li>The Essential Commodities (Amendment) Bill, which was approved by the lower house on September 15, was approved by a <keyword id="751366" type="PERSON" weightage="20" keywordseo="voice-vote">voice vote</keyword> in <keyword id="48510" type="COMPANY" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword>. The bill replaces an ordinance promulgated in June.</li><li>The bill is also aimed at removing fears of private investors of excessive regulatory interference in their business operations.</li><li>The freedom to produce, hold, move, distribute and supply will lead to harnessing of economies of scale and attract private sector/foreign direct investment into <keyword id="65490" type="PERSON" weightage="20" keywordseo="Agriculture-sector">agriculture sector</keyword>, the government had said earlier.</li></ul> Parliament on Tuesday passed a bill to remove cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities. The Essential Commodities (Amendment) Bill, which was approved by the lower house on September 15, was approved by a voice vote in Rajya Sabha. The bill replaces an ordinance promulgated in June. The bill is also aimed at removing fears of private investors of excessive regulatory interference in their business operations. The freedom to produce, hold, move, distribute and supply will lead to harnessing of economies of scale and attract private sector/foreign direct investment into agriculture sector, the government had said earlier. Replying to a short debate, Minister of State for Consumer Affairs, Food and Public Distribution Danve Raosaheb Dadarao said the <keyword id="9979655" type="UNKNOWN" weightage="20" keywordseo="stock-limit-conditions">stock limit conditions</keyword> imposed through the law were hindering investment in the agriculture infrastructure. The amendments to the six-and-half-decade law provides that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said. Also, processors and value chain participants are exempted from the stock limit. The minster said the move will boost investment in agriculture sector and will also create more storage capacities to reduce post harvest loss of crops. "This amendment is in favour of both farmers and consumers," Dadarao added. According to him, the changes in the 1955 law is an important step by the government to achieve its target of doubling farmers' income and also for ease of doing business. He said the essential commodities act was brought when the country was not a self sufficient in food grains production. But now the situation has changed, therefore the amendment was required, he said. While <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has become surplus in most agri-commodities, farmers have been unable to get better prices due to lack of investment in cold storage, warehouses, processing and export. Farmers suffer huge losses when there are bumper harvests, especially of perishable commodities, he said. Earlier in the day, many opposition members had staged a walkout from the House demanding that the suspension of eight members be revoked. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/undergraduate-classes-for-first-year-students-to-begin-from-november-1-for-academic-session-for-2020-21/articleshow/78251237.cms">Undergraduate classes for first-year students to begin from November 1 — students cancelling admissions to get a full refund</a>

Parliament passes amendments to essential commodities law

The government has permitted <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI) of up to 74 per cent under the automatic route in the defence sector with a view to attracting overseas investors, according to a press note issued by the DPIIT on Thursday. However, foreign investments in the defence sector would be subject to scrutiny on the grounds of national security and the government reserves the right to review any foreign investment in the sector that affects or may affect national security, the Department for Promotion of Industry and Internal Trade (DPIIT) said in the note. As per the current FDI policy, 100 per cent overseas investments are permitted in the defence industry -- 49 per cent under the automatic route, while beyond that government approval was required. According to the Press Note 4 (2020 series): "FDI up to 74 per cent under automatic route shall be permitted for companies seeking new industrial licences". It also said that infusion of fresh investment up to 49 per cent, in a company not seeking industrial licence or which already has government approval for FDI in defence, shall require "mandatory" submission of a declaration with the defence ministry in case change in equity/shareholding pattern or transfer of stake by existing investor to new foreign investor for FDI up to 49 per cent, within 30 days of such change. Proposal for raising FDI beyond 49 per cent from such companies will require government approval, it added. "The decision will take effect from the date of FEMA (Foreign Exchange Management Act) notification," it said. The decision to permit up to 74 per cent FDI in the <keyword id="2377476" type="PERSON" weightage="20" keywordseo="defence-manufacturing">defence manufacturing</keyword> through the automatic route was announced by Finance Minister Nirmala Sitharaman in May while announcing the fourth tranche of the Rs 20 lakh crore stimulus package for the coronavirus-hit economy. In July 2018, the government had relaxed foreign direct investment norms in the defence sector by allowing up to 49 per cent FDI under the automatic route. The move was aimed at boosting domestic industry as India imports about 70 per cent of its military hardware. According to the DPIIT data, defence industries has received FDI equity inflows of USD 9.52 million (Rs 56.88 crore) during April 2000 and March 2020. Under the government route, foreign investors have to take prior approval of the respective ministry/department, while in the automatic route, the investor just has to inform the RBI after the investment is made. Total FDI into India increased by 18 per cent to USD 73.45 billion in 2019-20. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a> <a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-enters-the-list-of-top-10-most-valued-companies-in-india/articleshow/78165311.cms">HCL Tech enters the list of top 10 most valued companies in India</a> <a href="https://www.businessinsider.in/science/space/news/first-intact-planet-found-circling-a-dead-star-this-jupiter-sized-anomaly-is-in-orbit-rather-than-being-pulled-apart-at-the-seams/articleshow/78166938.cms">First 'intact' planet found circling a dead star — this Jupiter-sized anomaly is in orbit rather than being pulled apart at the seams</a>

Foreign investors can now pump in up to 74 % FDI under automatic route in India's defence sector

The world's most powerful locomotive manufactured by French giant Alstom along with the Madhepura Electric Locomotives Pvt Ltd, capable of running at maximum 12,000 HP, joined operations of the <keyword id="6355455" type="COMPANY" weightage="20" keywordseo="indian-railways">Indian Railways</keyword> on Monday, officials said. "Bolstering Prime Minister Narendra Modiji's vision of Make in India, first WAG12B (12000 HP) loco departed from Pandit Deen Dayal Upadhyay station in Uttar Pradesh today. Powerful and capable of high speed, the locomotive is a significant addition to the Indian Railways," tweeted Union Railway Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword>. According to Railway officials, WAG12B started its services from Pandit Deen Dayal Upadhyay railway station (Mughalsarai Junction) in Uttar Pradesh on Monday. The train departed from Deen Dayal Upadhyay station at 2.08 p.m. in long haul formation for Dhanbad division of East Central Railway, consisting of 118 wagons which travelled from Pandit Deen Dayal Upadhyaya Junction to Barwadih via Dehri-on-Sone, Garhwa Road stations. The locomotive is capable of taking heavy consingment of freight and will be used on the Dedicated Freight Corridor (DFC). "Alstom is pleased to start delivery of the electric locomotives to Indian Railways. Commencement of induction into the IR fleet, testifies our commitment towards the country. This is a revolutionary product which will be faster, safer and eco-friendly. Also, it is scripting a new chapter for India's sustainable mobility journey and we are happy to be partnering in this," said Alain Spohr, Managing Director, Alstom India and South Asia. A railway ministry spokesperson said that it was a proud moment for Indian Railways, as it became the sixth country in the world to join the elite club of producing high horse power locomotives indigenously. "It is the first time that a high horse power locomotive has been operationalised on broad gauge track in the world. The locomotive has been produced under Make in India programme. The Madhepura factory is the largest integrated greenfield facility built to the highest standards of quality and safety with production capacity of 120 locomotives and spread across a massive 250 acres." Railway officials said that the locomotive is capable of running on railway tracks with conventional over head wire (OHE) lines as well as on DFC with high rise OHE lines. The official further said that the locomotive has air-conditioned driver cabs on either side. "The locomotive is equipped with regenerative braking system which provides substantial energy savings during operations. These high horse power locomotives will help to decongest the saturated tracks by improving average speed of freight trains," the spokesperson said. Touted as the largest <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">Foreign Direct Investment</keyword> (FDI) projects of the Railways, the Ministry of Railways and Alstom came together in 2015. An agreement worth 3.5 billion euros was signed to manufacture 800 electric locomotives for freight services and its associated maintenance. These locomotives are state-of-the-art IGBT-based, 3 phase drive, 9000 KW (12000 horse power) electric locomotives. The locomotive is capable of maximum tractive effort of 706 kN, which is capable of starting and running a 6000 T train in the gradient of 1 in 150. The locomotive with twin Bo-Bo design having 22.5 T (tonnes) axle load is upgradable to 25 tonnes with design speed of 120 kmph. The locomotive will be used on the Dedicated Freight Corridor (DFC) for the faster movement of goods, especially coal and iron ore. The railway official said that the project started in 2018 and Modi inaugurated the project on April 10, 2018. The prototype locomotive was delivered in March 2018. Based on the test results having design issues, the complete locomotive including bogies was redesigned. The new design of locomotive has been inspected by Research Design and Standards Organisation (RDSO) at Madhepura factory and cleared for dispatch from factory in November 2019, the official said. He said RDSO has conducted oscillation trials at various speeds upto 132 kmph and the locomotive has passed oscillation trials successfully. SEE ALSO: <a href="https://www.businessinsider.in/india/news/indian-railways-wants-to-know-the-exact-address-where-you-are-going-while-booking-tickets-online/articleshow/75733084.cms" data-type="tilCustomLink">Indian Railways wants to know the exact address where you are going while booking tickets online</a> <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a>

Indian Railways gets its most powerful engine till date — and it can run at 12000 HP

The government has decided to fast-track 71 proposals pending for <keyword id="44749" type="ORGANIZATION" weightage="100" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI), from companies like Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal). Some of these proposals were pending with <keyword id="62529" type="ORGANIZATION" weightage="100" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (FIPB) since 2015, are now being fast-tracked. FIPB has been recently abolished by the government. For the fast-track process, the <keyword id="6423836" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Industrial-Policy-and-Promotion">Department of Industrial Policy and Promotion</keyword> (<keyword id="6391107" type="ORGANIZATION" weightage="100" keywordseo="DIPP">DIPP</keyword>) has been tasked to distribute these proposals to the relevant ministries and get a follow-up about the status at a joint review meeting later this month. "We would expedite decision on all pending applications now," a senior government official told <a href="http://economictimes.indiatimes.com/news/economy/policy/71-pending-fdi-proposals-put-on-fast-track-decision-likely-in-8-to-10-weeks/articleshow/59518907.cms">ET</a>. DIPP has drafted the standard operating procedures (SoP) so that FDI proposals can be processed as per rules and within and set timelines.

DIPP fast-tracks 71 pending FDI proposals

The <keyword id="6423836" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Industrial-Policy-and-Promotion">Department of Industrial Policy and Promotion</keyword> (<keyword id="6391107" type="ORGANIZATION" weightage="100" keywordseo="DIPP">DIPP</keyword>) has circulated the draft of standard operating procedures that the ministries need to follow while reviewing foreign investment proposals. Since Foreign Investment Promotion Board (<keyword id="6360345" type="ORGANIZATION" weightage="100" keywordseo="FIPB">FIPB</keyword>) now stands abolished, ministries have been asked to clear proposals, a process that DIPP will be coordinating. The draft rules say that ministries will have eight weeks to decide upon the received applications, which can be increased to 10 weeks if a proposal involves security clearance by the ministry of home affairs. “We have proposed a draft and want to put the new procedure in place by July 1,” said <keyword id="254331" type="PERSON" weightage="100" keywordseo="Ramesh-Abhishek">Ramesh Abhishek</keyword>, Secretary, DIPP. DIPP would need to transfer the foreign investment proposal to the concerned ministry, the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and any other authority if concerned within two days of receiving it. It would then give a week’s time for scrutiny and provide any additional information they require. Regarding the FIPB portal, it would soon be renamed to <keyword id="4656701" type="UNKNOWN" weightage="100" keywordseo="foreign-investment-facilitation-portal">Foreign Investment Facilitation Portal</keyword>. As per DIPP, Union cabinet has approved a new public procurement policy, as per which ministries and departments can restrict or exclude bidders from a particular country if it does not allow Indian suppliers to participate in its foreign procurement. In case the policy is successful at the central level, states would be advised to follow it too. (Image source Jagran)

With FIPB gone, ministries will now clear foreign investment proposals

The <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian Government</keyword>, after its successful ‘<a href="http://www.businessinsider.in/searchresult.cms?query=Make+in+India&amp;sortorder=effectivedate">Make in India</a>’ pitch, is now looking forward to boosting <a href="http://www.businessinsider.in/searchresult.cms?query=Foreign+Direct+Investment&amp;sortorder=effectivedate">Foreign Direct Investment</a> (FDI) in the country. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Department+of+Industrial+Policy+and+Promotion&amp;sortorder=effectivedate">Department of Industrial Policy and Promotion</a> (<keyword id="6391107" type="ORGANIZATION" weightage="20" keywordseo="DIPP">DIPP</keyword>) with Invest India has shortlisted 150 companies as potential investors is meeting top management teams individually as it seeks to ensure that FDI inflows rise for the fourth straight year. 
 A team under Ramesh Abhishek, DIPP secretary, recently met <keyword id="1815313" type="ORGANIZATION" weightage="20" keywordseo="Fiat-Chrysler">Fiat Chrysler</keyword> COO Alfredo Altavilla in Italy to talk about the company’s concerns. Similarly, talks were initiated with Italian chocolatier <keyword id="463843" type="ORGANIZATION" weightage="20" keywordseo="Ferrero-Spa">Ferrero SpA</keyword>. The company has decided to set up a plant in China to cater to demand in Japan and Korea after its run-ins with the <keyword id="6376343" type="ORGANIZATION" weightage="20" keywordseo="Food-Safety-and-Standards-Authority-of-India">Food Safety and Standards Authority of India</keyword> (FSSAI). 
 
"Invest India has lined up investment of close to $40 billion and we are working to ensure all this flows into the country. The list includes <a href="http://www.businessinsider.in/searchresult.cms?query=Dalian+Wanda+Group&amp;sortorder=effectivedate">Dalian Wanda Group</a>, China's largest commercial property company and the world's largest cinema chain operator, which is looking to invest around $10 billion. Then there is Lotte, the conglomerate from <keyword id="5565" type="COUNTRY" weightage="20" keywordseo="South-Korea">South Korea</keyword>, which has evinced interest in development of railway stations and tourism," an officer told ET. 
 
Another set includes companies that had planned to invest India but didn’t do so due to the regulatory hurdles. In such cases, the department is seeking to get the government agency or the state concerned to address the problem, said officers working on implementing the new strategy. 
 For instance, a Chinese company was not getting safety clearance for a gas pipeline which was connected to its plant. The issue was sorted out soon after the government took up the issue with the <keyword id="411158" type="ORGANIZATION" weightage="20" keywordseo="Petroleum-and-Explosives-Safety-Organisation">Petroleum and Explosives Safety Organisation</keyword>. 
 
"Often the complaints are minor such as connectivity to the ports or VAT refunds and once the issue is taken up with the agency concerned, the problem is sorted out and investors feel comfortable to invest," said an officer. 
 
It has been confirmed by the sources that there is a mechanism to deal with complaints from Japanese companies and a fast-track system has also been put up for German firms. 
 
A new strategy, also referred to as Make in India 2.0 by some, is also aiming on a country specific pitch, focusing on medium scale enterprises. 
 
The new investment seeking techniques come along with the pitch made at global events where India's rapid growth and stable policies are being showcased. 
(image:Indiatimes)

FDI push: 150 foreign companies have been identified as potential investors

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> India is curtailing its wholesale business to comply with new <keyword id="436047" type="COMPANY" weightage="20" keywordseo="Ecommerce">ecommerce</keyword> norms. </li><li>It has almost stopped dealing in direct buying of products from companies. </li><li>The online shopping platform has asked suppliers to directly connect with sellers on its ‘Alpha’ and ‘Beta’ intermediary platforms.</li><li>This move has come amid massive changes in e-commerce norms especially for foreingn companies under <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword>. </li></ul>Flipkart is looking to stop buying products directly from companies, in a move to wind up its wholesale business. It is now taking the long route of asking their suppliers to connect with its preferred sellers instead. This came after the new e-commerce regulations put in place by the government, late last year. The law now bars online retailers from clinching exclusive deals with product sellers thereby affecting market dynamics. The rules also said that online marketplaces cannot control or possess their own inventories. Sellers who source more than 25% of goods from affiliates, will be considered as ‘owned’ by Flipkart. At arm’s length In response, the Walmart-owned company is changing its role in sourcing. It will now act as a platform for its suppliers where they can directly choose their best sellers. Flipkart had earlier developed two intermediary platforms codenamed ‘Alpha’ sellers and ‘Beta’ sellers for wholesale purposes. Yet, this is not a long-term solution, not after the regulations. And, the e-commerce giant is taking the first step of exiting wholesale business all-together. This will help them maintain an arm’s length distance for regulatory purposes, while keeping the supply going. “The <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> owned company is yet to decide whether to completely fold Flipkart India, the wholesale entity, or scale it down to service only small sellers or brick-and-mortar channels,” company executives selling products at Flipkart told <a href="https://tech.economictimes.indiatimes.com/news/internet/flipkart-checks-direct-buying-from-companies/70166500">Economic Times</a>. It is also known that the company had started this exercise in April this year. SEE ALSO: <h1 style="margin-top: 0px; margin-bottom: 10px; padding-bottom: 20px; border-bottom: 1px solid rgb(238, 238, 238); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 28px; line-height: 1.2em; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; color: rgb(17, 21, 22); background-color: rgb(255, 255, 255);"><a href="https://www.businessinsider.in/amazon-flipkart-might-end-deep-discounts-of-products/articleshow/70155152.cms">Amazon, Flipkart ask brands to take the lead on ‘discounting’</a> </h1>

Flipkart is looking to exit wholesale business to toe the government's line, says report

<ul><li>E-commerce giants <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are working to end price distortions in the market. </li><li>They have reached out to various brands to set a negotiated and pre-determined price---this is technically called market operating price. </li><li>The price guarantee clause provides the seller with the liberty of matching the price if they are available at a lower price on another marketplace. </li></ul>Heavy discounts on big brands may go into a slump as e-commerce giants Amazon and Flipkart are working to end price distortions in the market. This is want to comply with the strict rules enforced on foreign owned online marketplaces by the government, reported <a href="https://economictimes.indiatimes.com/industry/services/retail/amazon-flipkart-put-discounts-in-brands-cart-to-stick-to-fdi-norms/articleshow/70151472.cms?from=mdr">the Economic Times</a>. This will signal price stability in the deeply competitive e-commerce marketplace. As per the report, Walmart-owned Flipkart and global giant Amazon have reached out to various brands to set a negotiated and pre-determined price---this is technically called market operating price they offer the sellers. The brands will have to certify that they themselves will bear any discounts beyond a limit. Marketplace and sellers will not be affected in any manner by this, an executive aware of the proceedings told ET. Matching the Price A price guarantee clause between the seller and brand provides the seller with the liberty of matching the price if products are available at a cheaper rate on another marketplace. And, the onus will be on brands to reimburse the difference in price by issuing a credit note. Earlier, sellers had to willfully drop prices to remain competitive. The process of maintenance of market operating price, discounts and credit notes have also been automated to be in line with the new <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI) norms introduced earlier this year. Though India allows 100% FDI in e-commerce marketplaces, they can operate only as platforms connecting buyers and sellers. They cannot influence the market price of products, which turned into a heavily debatable issue. Brick-and-mortar retailers alleged that heavy discounts are being used indirectly to influence the market price of online platforms. This new system has already been implemented in consumer electronics and smartphones, along with others. This latest move by multinational e-tailers suggest that they too are serious about the rules, after the government proved that they are serious about implementing them. In May, the government <a href="https://www.businessinsider.in/flipkart-deep-discounting-ban-on-goqii-products-from-new-e-commerce-rules/articleshow/69552174.cms">banned Flipkart </a>from selling products of the smartwear GOQii after the latter alleged deep discounting. The <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> backed company run by Vishal Gondal approached Department of Promotion of Internal Trade (DPIT) and Competition Commission of India with complaints, leading to the government taking prompt action. All in all, those looking to go online for ‘cheaper’ price points will be disappointed. SEE ALSO: <a href="https://www.businessinsider.in/flipkart-deep-discounting-ban-on-goqii-products-from-new-e-commerce-rules/articleshow/69552174.cms">Flipkart's continued deep discounting could mean more trouble in the future</a> <a href="https://www.businessinsider.in/flipkart-keeping-sellers-from-amazon-and-reliance-retail-by-helping-them-file-taxes-online/articleshow/70130147.cms">Flipkart is wooing sellers with a collaboration that will help them file their taxes online</a>

You Searched For "Foreign Direct Investment" and got 14 results

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With FIPB gone, ministries will now clear foreign investment proposals

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FDI push: 150 foreign companies have been identified as potential investors

BI India Bureau

Flipkart is looking to exit wholesale business to toe the government's line, says report

BI India Bureau

Amazon, Flipkart ask brands to take the lead on ‘discounting’

BI India Bureau

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