Big FDI Reforms to Shore up Economy
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Follow us on: @TheDailyPioneer facebook.com/dailypioneer instagram.com/dailypioneer/ RNI Regn. No. ORIENG/2007/22475 Established 1864 OPINION 8 WORLD 12 SPORT 16 Published From THE REAL US-TALIBAN DEAL ‘CLOSE': NADAL STARTS WITH DELHI LUCKNOW BHOPAL BHUBANESWAR CONSEQUENCE RANCHI RAIPUR CHANDIGARH INSURGENT SPOKESMAN WIN IN US OPEN DEHRADUN HYDERABAD VIJAYWADA *Late City Vol. 15 Issue 233 *Air Surcharge Extra if Applicable BHUBANESWAR, THURSDAY AUGUST 29, 2019; PAGES 16 `3 WANTED TO BE ROHIT SHETTY HERO:} RANVEER} 13 VIVACITY www.dailypioneer.com Big FDI reforms to shore up economy UK Houses shut Cabinet eases investment norms for single-brand retail, coal mining, manufacturing, digital media till Brexit deal to p PNS n NEW DELHI Cabinet approves setting up of 75 new medical colleges India operations. With a view p Govt approves `6,268 crore subsidy to promote sugar exports to provide greater flexibility he Centre on Wednesday p Union Cabinet extends 26% FDI in digital media and ease of operations to SBRT parry query blow Tannounced major steps to p entities, it has been decided that attract foreign investment and 100% FDI in contract manufacturing, coal mining all procurements made from give a boost to medical educa- India by the SBRT entity for tion in the country. The automatic route has been mining and sale of coal as also that single brand shall be Government relaxed Foreign allowed, he said, adding that 26 associated infrastructure activ- counted towards local sourcing, Direct Investment (FDI) rules per cent FDI has been allowed ity has been allowed to help irrespective of whether the in many sectors, including sin- in digital media. attract international players to goods procured are sold in gle brand retail, coal and On FDI in single-brand create an efficient and com- India or exported. lignite mining, contract man- retail, the Cabinet has expand- petitive coal market. Further, the current cap of ufacturing and digital media. It ed the definition of mandato- “Easing local sourcing considering exports for five also decided to open 75 med- ry 30 per cent domestic sourc- norms for FDI in Single Brand years only is proposed to be ical colleges which will add ing norm. It also allowed sin- Retail Trading (SBRT) was removed, to give an impetus to at least 15,700 MBBS seats in gle-brand retailers to start announced in Union Budget Union Minister of Environment, Forest and Climate Change Prakash Javadekar and exports, it added, detailing the the country. online sales, waiving the pre- Speech of Finance Minister. Union Railways Minister Piyush Goyal address a Press conference in New Delhi changes in the single brand FDI Briefing reporters on the vious condition of setting up a This will lead to greater flexi- on Wednesday PTI norms. decisions taken by the Union mandatory brick-and-mortar bility and ease of operations for FDI is a major driver of Cabinet headed by Prime store, said Goyal. SBRT entities, besides creating training and product skilling. Government. economic growth and a Minister Narendra Modi, “The changes in FDI poli- a level playing field for com- “The above amendments The FDI policy provides source of non-debt finance for Commerce and Industry cy will result in making India panies with higher exports in to the FDI policy are meant to that 30 per cent of value of the economic development of Minister Piyush Goyal said a more attractive FDI destina- a base year. In addition, per- liberalise and simplify the FDI goods has to be procured from the country. 100 per cent FDI under auto- tion, leading to benefits of mitting online sales prior to policy to provide ease of doing India if SBRT entity has FDI The Government has put matic route in coal mining and increased investments, employ- opening of brick and mortar business in the country, lead- more than 51 per cent. in place an investor-friendly associated infrastructure has ment, and growth,” Goyal told stores brings policy in sync ing to larger FDI inflows and Further, as regards local policy on FDI, under which been approved. a media briefing after the meet- with current market practices. thereby contributing to growth sourcing requirement, the same investment up to 100 per cent To boost domestic manu- ing of the Union Cabinet. Online sales will also lead to of investment, income and can be met as an average dur- is permitted on the A man in a giant Boris Johnson ‘head’ digs a grave at the foot of a pretend facturing, 100 per cent FDI in He said 100 per cent FDI creation of jobs in logistics, dig- employment,” said the state- ing the first five years, and automatic route in most sec- tombstone outside Downing Street in London on Wednesday AP contract manufacturing under under automatic route in coal ital payments, customer care, ment issued by the thereafter annually towards its tors/ activities. PTI n LONDON It is considered a ritish Prime Minister Boris tactic of PM Boris to BJohnson on Wednesday 50,000 jobs for locals within 3 SC Constitution Bench to unveiled plans to suspend stop rebel MPs from Parliament until October 14, days ahead of the October 31 blocking an abrupt months, announces J&K Guv Brexit deadline, in order to pre- break with the EU hear pleas against Art 370 sent what was described as a “new bold and ambitious leg- MOHIT KANDHARI n JAMMU ground zero so as to convince do, we have passed the order, islative agenda”, a move which ence season, the second session people of the State that in real- Court issues notices we are not going to change.” has attracted widespread crit- of this Parliament will com- eaching out to a large army ity these measures were taken to Centre, J&K on Meanwhile, the SC asked icism from the Opposition. mence with a Queen’s Rof unemployed youth in to ensure their well being. In the Centre and the Jammu & Downing Street said Speech on Monday 14 Jammu & Kashmir, Governor the next six months, we will petitions to remove Kashmir administration to reply Johnson had spoken to Queen October,” Downing Street said Satya Pal Malik on Wednesday start many developmental pro- to the pleas seeking removal of Elizabeth II to request an end in a statement. announced one of the largest jects in Jammu & Kashmir media curbs in J&K several regressive restrictions in to the current parliamentary The House of Commons single recruitment drive and Ladakh. You will see peo- the State, including the com- session in its second sitting Speaker, John Bercow, led the to fill at least 50,000 vacant ple on the other side start talk- PTI n NEW DELHI munications blockade, that are week next month, starting charge against the move, posts within a span of next ing that they too want to enjoy hampering the functioning of September 9. describing it as a “constitutional two-three months. similar development.” he Supreme Court on the media after the abrogation Three Conservative party outrage”. “However it is dressed The Governor listed out a Making an appeal to the TWednesday referred a batch of Article 370. The SC issued members of the Queen’s Privy up, it is blindingly obvious slew of measures taken by the common people to bear restric- of petitions challenging the notices on the two petitions, Council, the monarch’s body of that the purpose of (suspend- Government for the welfare of tions on mobile calling/mobile changes in Jammu & Kashmir’s Venugopal and Solicitor filed by Anuradha Bhasin, advisers, took the formal ing Parliament) now would be the people and said starting lishments and schools. Let internet facilities for some constitutional status by abro- General Tushar Mehta were Executive Editor of Kashmir request to her Scottish resi- to stop (MPs) debating Brexit from Prime Minister Narendra normalcy come at a slow pace. more time Malik said, “It is one gating provisions of Article marking their presence in the Times and Congress activist dence at Balmoral Castle on and performing its duty in Modi, every one is working We are not rushing to restore of the dangerous tools used by 370 to a five-judge Constitution court. “We will refer the mat- Tehseen Poonawalla. Wednesday morning on behalf shaping a course for the coun- towards restoring normalcy in normalcy. It’s your city, you the Pakistan and its stooges to Bench. The SC, which said the ter to a five-judge Constitution The first petition chal- of Johnson. try,” he said. the State. decide on your own. We are disrupt peace in the region.” petitions will be listed for hear- Bench,” said the Bench while lenging the Presidential Order It was then approved, Opposition Labour leader “None of us want to see here to facilitate you,” The Governor said, mobile ing in the first week of October, not accepting the scrapping Article 370 was filed allowing the government to Jeremy Corbyn said, loss of human lives under the he said. calling facility will be restored in also issued notices to the argument that the notices by advocate ML Sharma, who suspend Parliament any time “Suspending Parliament is not prevailing circumstances,” he The Governor said the all 10 districts of Jammu region Centre and the Jammu and would have a “cross-border was later joined by another between September 9 and 12 acceptable, it is not on. What added. Prime Minister has also given by late Wednesday night along Kashmir administration on the repercussion”. lawyer from Jammu & until October 14. the Prime Minister is doing is “We are working round the a solemn assurance to save, with two districts of batch of pleas challenging the The Bench also comprised Kashmir, Shakir Shabir.