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Union Cabinet approves 100% FDI in single brand retail

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Nimrat Kaur
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Union Cabinet approves 100% FDI in single brand retail
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In a landmark move, the Union Cabinet on Wednesday has allowed 100% Foreign Direct Investment (FDI) via the automatic route in single-brand retail.  The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi here. It may be noted that the current FDI, under automatic route in single-brand retail was at 49 percent, and government approval is required beyond that limit. Image result for Union Cabinet approves 100% FDI in single brand retail The Cabinet allowed overseas investors to invest 100 percent FDI (foreign direct investment) in single-brand retail trading and construction development without any government approval, as per the official statement. Soon after the decision, the share markets witnessed mixed reactions.  Shares of Soril Infra Resources, RCL Retail, Shoppers Stop, Principal Pharmaceuticals and many others surged, while shares of several other companies such as TAAZAINT. REI SIX TEN Retail, Koutons, Provogue (India), and Aditya Birla Fashion and Retail went downhill. “Foreign airlines allowed to invest up to 49 percent under approval route in Air India,” the statement said. “It has now been decided to do away with this restriction and allow foreign airlines to invest up to 49 percent under approval route in Air India,” it added. The decision would help provide ease of doing business and also lead to larger FDI inflows contributing to the growth of investment, income and employment, the government said. The cabinet also decided to allow FIIs/FPIs to invest in power exchanges through the primary market as well. -PTC News-
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