WB projects 7.3% growth India's growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has "enormous growth potential" compared to other emerging economies with the implementation of comprehensive reforms. Similarly, with the government relaxing norms for Air India, foreign airlines can now invest up to 49% under approval route in the sale-bound Indian carrier. Relaxations are also made on FDI on medical devices and firms receiving foreign investments. As the real estate business has been crippled, allowing 100% FDI under the automatic route for real estate broking services can help matters.
While there have been efforts by previous governments to divest part of all of the state's stake in Air India, none has shown as much commitment and intensity as the current National Democratic Alliance.
They also came weeks before the BJP government presents its fifth and final full year budget on February 1 before general elections next year. It is therefore, eligible for 100 per cent FDI under the automatic route.
The changes will give a boost to FDI inflows, he said.
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For single brand retail trading, there is no approval required of the Government for 100% FDI.
Swadeshi Jagran Manch has said that easing the norms for FDI in SBRT would go against the best interest of the country.
"This will lead to larger FDI inflows, contributing to growth of investment, income and employment", the government said in a statement.
Opposing the disinvestment of Air India, Mahajan said the finances of national airline are in deep trouble, but allowing foreign investment is not the best of the solutions for ending its troubles.
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The net loss of Air India in 2016-17 was 3643 crores, and in 2017-18 were 3579 crores.
Overseas investment policy has also been liberalised in case of power exchanges, an online platform where electricity is traded. However, foreign investors' purchases were restricted to the secondary market only. "This should also generate employment and give the Indian consumers access to several global brands", said Pinakiranjan Mishra, partner and national leader, consumer products and retail, EY.
This is the second time that the FDI policy has been changed by the current government.
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