Reforms in FDI
November 10, 2015
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India fastest growing economy among major Nations
World Bank improves India's ranking by 12 places in the 2016 Study of Ease of Doing Business
Global Institutions project India as the leading destination for FDI in the world
IMF brands India as the brightest spot in the Global Economy
World Bank projects India's growth at 7.5% and even better
NDA Govt committed to eliminate poverty, make India a Global Manufacturing Hub
NDA Govt brings in FDI reforms and liberalisation touching upon 15 major sectors of the economy
NDA Govt's reforms demonstrate that India is unstoppable on path of economic development

Today, India is the fastest growing economy among major Nations. The World Bank has improved India's ranking by 12 places in the 2016 Study of Ease of Doing Business. FDI has gone up by 40%. Several Global Institutions have projected India as the leading destination for FDI in the World. IMF has branded India as the brightest spot in the Global Economy whereas the World Bank projects India's growth at 7.5% and even better.

2. With coming of NDA Government to power, Shri Narendra Modi has expressed his commitment to poverty elimination, inclusive development [make India a developed Country] and also to make India a Global Manufacturing Hub. Being aware of the constraint of financial resources for fast tracking the development process, a series of Economic Reforms and a number of measures to improve the Ease of Doing Business in the country have been set in motion. A number of stalled projects have been de-bottlenecked and fast-tracked. The results are showing up.

3. However, the commitments to the millions of youth of the Country to provide them remunerative employment or entrepreneurial opportunities is not yet fully realized. With this in mind, Prime Ministter Mr. Modi launched the Campaigns like 'Make In India' and 'Skill India'. The latest in the series is the upcoming 'Start-up India' initiative. To further boost this entire investment environment and to bring in foreign investments in the country, the Government has brought in FDI related Reforms and liberalisation touching upon 15 major Sectors of the Economy.

The salient measures are:

i. Limited Liability Partnerships, downstream investment and approval conditions.
ii. Investment by companies owned and controlled by Non-Resident Indians (NRIs)
iii. Establishment and transfer of ownership and control of Indian companies
iv. Agriculture and Animal Husbandry
v. Plantation
vi. Mining and mineral separation of titanium bearing minerals and ores, its value addition and integrated activities
vii. Defence
viii. Broadcasting Sector
ix. Civil Aviation
x. Increase of sectoral cap
xi. Construction development sector
xii. Cash and Carry Wholesale Trading / Wholesale Trading (including sourcing from MSEs)
xiii. Single Brand Retail Trading and Duty free shops
xiv. Banking-Private Sector; and
xv. Manufacturing Sector

4. The Crux of these reforms is to further ease, rationalise and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of Government route where time and energy of the investors is wasted. It is one more proof of minimum government and maximum governance. Further refining of foreign investments in key Sectors like Construction where 50 million houses for poor are to be built. Opening up the manufacturing Sector for wholesale, retail and E-Commerce so that the Industries are motivated to Make In India and sell it to the customers here instead of importing from other countries. The proposed reforms also enhance the limit of Foreign Investment Promotion Board (FIPB) from current Rupees Three thousand crores to Five thousand crores. The proposal also contains many other long pending corrections including those being felt by the limited liability partnerships as well as NRI owned Companies who seem motivated to invest in India. Few other proposals seek to enhance the sectoral Caps so that foreign investors don't have to face fragmented ownership issues and get motivated to deploy their resources and technology with full force.

5. With this round of Reforms, the Government has demonstrated that India is unstoppable on the path of Economic Development. Prime Minister has reiterated that Economic Wellbeing of the people of India is the main Task before him. It is also clear that India is a Country which is more than ready to integrate with the Global Economy because it feels that the Fruits of Development will reach to the common man only if there is Development. Above all every citizen in all nooks and corners must have a stake.

6. Along with these sectoral reforms, DIPP has also been advised to consolidate all FDI related instructions contained in various notifications & press notes and prepare a booklet so that the investors don't have to refer to several documents of different timeframes. This exercise of PM, Shri Narendra Modi is intended on the one hand to further open up the Sectors for more foreign investments in the country and also to make it easy to invest in India. In the normal course, the Policy corrections in 16 areas would have taken at least one year to process and get approvals. Thus, this action is a very dynamic step in terms of integrating the Indian Economy with the rest of the World for attracting investments and technology and generating employment for enhancement of income of the people of India.

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People from all corners of India are seen in Asansol. But the misgovernance of Bengal governments affected Asansol: PM Modi
PM Modi says on May 2, which is the day of assembly election results, Didi will be given the certificate of Bengal ex-chief minister by the people of the state
In Asansol, PM Modi says Mamata Banerjee has skipped several meetings called by the Centre to discuss many key issues

 

Addressing a huge rally in West Bengal’s Asansol ahead of sixth phase of assembly polls, Prime Minister Narendra Modi said, “TMC was broken after four phases of polls, `Didi' and `Bhatija' will be defeated by end of West Bengal elections. Voting of the fifth phase is also going on where people in large numbers are voting for the lotus flower to form the BJP government.”

“This region of Asansol has the potential to become the industrial centre of India since a long time. From bicycle to rail, from paper to steel, from aluminium to glass - people come from all across India to work in these factories. In a way, Asansol is mini India. People from all corners of India are seen here. But the misgovernance of Bengal governments affected Asansol,” said PM Modi while addressing the public meeting.

Speaking on Mamata Didi’s anti-development agenda, PM Modi stated, “Mamata Banerjee is against development of Bengal. We will work for the aspirations of the people of Bengal. New investment will come in. Bengal needs a government of double engines, not those who are stopping development. The BJP government of Bengal will implement every scheme that benefits you, which was stopped by Didi's government.”

Coming down hard at TMC supremo, the PM asserted, “Her politics is not limited to just protests, but it has crossed a dangerous limit of vengeance.” The Prime Minister also slammed Banerjee for skipping several meetings called by the Centre to discuss many key issues. He said, “In the last two meetings on Corona, the rest of the Chief Ministers came, but Didi did not. The rest of the Chief Ministers came to the Governing Council of NITI Aayog, but Didi did not. Such a huge campaign started in the country to clean river Ganga, but Didi did not even attend the meeting related to it.”

Prime Minister Modi while addressing a rally in Asansol said that on May 2, which is the day of assembly election results, Mamata Banerjee will be given the certificate of Bengal ex-chief minister by the people of the state.

Taking about the leaked audio of Mamata Banerjee, the Prime Minister remarked, “You must have heard an audio tape on what happened in Cooch Behar yesterday. The audio was of Didi doing politics after the tragic death of 5 people. In this audio, the TMC leader of Cooch Behar was being asked by Didi to organize a rally with the dead bodies of the slain.”