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Australian cricket legend Dean Jones no more

Australian cricket legend and commentator was in Mumbai for an IPL assignment. He was 59.
The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| 24 September, 2020, 05:48 PM IST | E-Paper
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    SEARCHED FOR:FOREIGN DIRECT INVESTMENTS

    FDI powers to RBI may cut processing time sharply, to improve ease of doing biz

    ​​In a notification dated July 27, the central government gave the RBI the powers to administer the FDI regime, which include allowing the central bank to interpret various rules and grant exemptions pertaining to FDI. The change could cut down the processing time for FDI applications to 5-6 weeks compared with 3-4 months currently, market participants say.

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    • The permit for up to 74 per cent FDI in the defence manufacturing 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.

      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.

      Karnataka dropped to 17th position in the Ease of Doing Business ranking published by the Department for Promotion of Industry and Internal Trade from the eighth place earlier. The state came ninth in the first Export Preparedness Index (EPI) report - 2020, published by the Centre’s policy think tank Niti Aayog.

      These companies were in 46 sectors. Out of them, the automobile industry, printing of books (including litho printing industry), electronics, services and electrical equipment received more than USD 100 million FDI each from China during the said period.

      With regard to outflow from India, Minister of State for Finance Anurag Singh Thakur said, it was USD 20.63 million in calendar year 2020 as against USD 27.57 million in the corresponding period last year. To curb opportunistic takeovers or acquisitions of Indian companies due to the current COVID-19 pandemic, the government issued Press Note 3 earlier this year, he said.

      Global footprint, high margins and a stable business outlook made Indian pharma sector an attractive avenue for private equity and venture capital investment.

      "India's commitment to reform is taken seriously by investors abroad and they take India to be a very desirable destination, otherwise we wouldn't be seeing good amount of FDI coming even during the pandemic time when India, as many of our critics would say, had the strictest lockdown," Sitharaman said.

      Here is a take on some of the suggestions, which should hit all the right chords with any discerning policy maker:

      “Specifically, trade diversification is likely to favour ASEAN economies over time, while the reshoring of supply chains closer to consumer markets – especially in sectors with heightened security requirements such as pharmaceuticals – could move productive capacity away,” it said in a report.

      ​​At present, FDI is permitted under the automatic route in LLPs that are operating in sectors where 100 per cent foreign direct investment is allowed through the automatic route and there are no FDI-linked performance conditions.

      “The objective of the national security clearance is to evaluate potential threats, visible or embedded, in proposals received by the home ministry and to provide a national risk assessment. As many as 175 such proposals are pending for approvals,” a senior government official said.

      According to the report titled ‘Indian Roots, American Soil’ which surveyed 155 Indian companies in the US, Texas came out as the top investment destination for Indian FDI, receiving $9.5 billion, followed by New Jersey’s $2.4 billion and $1.8 billion in New York.

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