Govt issues final notification for allowing FDI in multi-brand retail sector

Virtually leaving no scope for a rollback, a determined United Progressive Alliance government on Thursday issued the final notification for allowing foreign direct investment (FDI) in multi-brand retail even as the Opposition took to the streets to protest against the recently announced reforms.  

The way is now clear for global retail giants such Walmart, Carrefour and Tesco, to set up shop with a local partner and sell directly to Indian consumers for the first time. The government has also issued the press note for the new FDI norms in single-brand retail to relax the norm for 30-per cent outsourcing from local small and medium industries. This will pave the way for the entry of Swedish retail giant IKEA, which has lined up aRs.10,500-crore investment plan for India.

However, the government has stated that retail trading in any form by means of e-commerce would not be permitted for companies with FDI engaged in the activity of singlebrand retail trading. The minimum amount to be brought in by a foreign investor would be $100 million in multi-brand retail, and outlets may be set up only in cities with a population of more than 10 lakh. At least, 50 per cent of FDI should be invested in 'back end infrastructure' within three years of the first tranche.

Only 10 states and Union Territories have so far conveyed to the Centre their agreement to open FDI in the multibrand retail. These are Andhra Pradesh, Assam, Delhi, Haryana, Jammu & Kashmir, Maharashtra, Manipur, Rajasthan, Uttarakhand, Daman & Diu and Dadra and Nagar Haveli. The major domestic retailers welcomed the decision. Future Group chief executive officer Kishore Biyani said, "Finally, FDI is here. So that is a very good news. There is no threat to us from foreign retailers." Pranab Barua, business director (apparel and retail business), Aditya Birla Group, said, "We have to still wait and watch what happens at the state level. This will help the sector." The decisions to allow 49 per cent FDI by foreign airlines in domestic carriers, 49 per cent FDI in power exchanges and increase in the foreign equity cap from 49 per cent to 74 per cent in service providers like directto-home in the broadcasting sector have also been notified.

Read more at:http://indiatoday.intoday.in/story/retail-fdi-reforms-at-full-throttle-anand-sharma/1/221559.html

Source:India Today

Posted for IILM GSM 

IILMGSM

Current Affairs

1. Delhi to be first in India to introduce e-court fee in all its district courts.

2. European Space Agencies Mars Express has mapped nearly 90%of the Mars surface with a high resolution stereo camera.

3. February 13 is celebrated as the World Radio Day to raise awareness about the importance of radio.

4. "Operation Three Star" is the code name given by the govt. of India to the hanging of Afzal Guru.

5. Pope Benedict xvi has announced that he would resign at the end of this monthas the head of the catholic church.

6. United States has filed a challenge with the WTO about Indians national solar programme restrictions.

7. International Olympic Committe has recently recommended to exclude Wrestling from 2020 Games.

8. Recently, in Guatemala,a national coffee emergency was declared over the spread of coffee rust.

9. The region Golan Heights is the disputed region between Syria and Israel.

10. USA has recently approved a johnson and johnson tuberculosis drug "Sirturo"to fight the deadly infection in more than four decades.

IILMGSM

Current Affairs

1."Ranchi Rhinos" wins first edition of Hockey India League.

2. "Argo"has won the best film award at the BAFTA awards 2013.

3. Recently, land acquisition for the posco steel plant is re-started in Odisha.

4. Uttar Pradesh shares boundary with maximum number of other Indian states. The states are Uttrakhand, Himachal, Jharkhand, Bihar.

5. After Petroleum Products and Gold, Electronic Good is India 3rd largest import commodity.

6. Recently, Krishna Arora the Indian origin woman is selected for Order of Australia Medal.

7. Shah Commission enquired into illegal mining of iron ore and manganese in Goa.

8. Recently, BCCI has been slapped a penalty of Rs. 52.24 crore by SEBI for abuse of its dominant position.

9. Afghanistan is also known as Crossroads of Central Asia.

10. "Peter Tomka" is currently serving as the President of the International Court of Justice.

 

IILM GSM

Current Affairs 

1. The cabinet committe on investment (CCI) is headed by prime minister.

2. At present, China is worlds biggest trading nation.

3. "Paran Yuva ii", is Indias fastest supercomputer that is recently developed by C-DAC.

4. Google launches "Mapathon 2013" competition. It is a nationwide mapping contest open to

anyone who lives in India.

5. 30 Indian software companies have decided to form a new association called the Indian Software 

Product Industry Round Table, or "ispirt".

6. Singapore is the most expensive city in the world as per the report "The Worldwide Cost of Living 2013".

7. "Anita B Pfaff" is the author of the book titled "Netaji Subhash Chandra Bose and Germany". 

She is the daughter of Subhash Chandra Bose.

8. Apollo group of hospitals has joined hands with the National Skill Development Corp. to launch a skill development programme for doctor, nurses.

9. Recently, in Egypt the 12th Organisation of Islamic Cooperation summit was held.

10. Recently, India signed its 13th Tax Info Exchange Agreement (TIEX) with "Gibraltar". 

Global sales of Suzuki Swift hits the three million mark

Of the three million units, approximately 13% have been sold in Japan, 45% in India and 23% in Europe

You have some very popular cars out there, you have those best sellers that one could probably count on his fingers, and then you have something by the name of the Suzuki Swift, which pretty much tops all those charts, and mind you isn’t even remotely showing signs of backing off anytime soon.

India’s top selling hatch is in fact one of the world’s highest selling compact cars till date and as of January 2013, Suzuki is all smiles about its Swift having now clocked three million sales worldwide. That’s an enormous sales feat by any automobile’s standards and the Swift has done it in exactly eight years and two month since going on sale back in 2004.

Interestingly enough it’s India that has contributed to 45% to the car’s overall sales, and that truly speaks volumes of how far and for how long the Swift has been instrumental in the company’s success story here in India (Read : New Maruti Swift Special Coverage). Starting off as a as a world strategic model in Japan, production and distribution of the Swift today spans over 120 countries and regions around the world. 

Over the years it has been lavishly decorated for its reliability and fun factor.  It won the RJC (Automotive Researchers’ and Journalists’ Conference of Japan) Car of the Year Award in 2006 and 2011, and the 2005-2006 Japan Car of the Year Special ‘Most Fun’ Award, in addition to various Car of the Year Awards in Europe, India and other countries. 

Since being revamped in 2010 the updated Swift model now presents a far much more sophisticated design and has vastly improved its environmental performance