India's efforts to attract more overseas capital are expected to play a significant role in reducing levels of poverty in the country, as they boost employment opportunities.
The cabinet on Thursday relaxed the rules for foreign direct investment (FDI) in multi-brand retail in India and approved higher caps on FDI in the telecoms, defence and insurance sectors.
"The government of India is making determined efforts to attract foreign fund flows to bridge the deficit," said Raju Bhinge,the chief executive of the Tata Strategic Management Group. "These flows take a variety of forms: external commercial borrowings by Indian companies; trade credit; investment in India's debt and equity markets; and foreign direct investment.
"While all these flows are necessary to sustain India's economic growth rate and balance foreign exchange flows, the FDI component directly creates employment and business assets. FDI in sectors such as [agriculture] processing, modern retail and labour-intensive manufacturing has the greatest impact on jobs growth and poverty reduction."
India on Thursday also removed the cap on FDI in the telecoms sector from 74 per cent to allow 100 per cent investment.
It has allowed more than 26 per cent FDI in the defence sector and has permitted 49 per cent FDI in nine sectors under the automatic route, meaning it does not need the prior approval of the government or the central bank, including state-run oil refineries, stock exchanges, single-brand retail and power exchanges.
India's government last September announced changes to help to boost foreign investment, including opening up the multi-brand retail industry to investment of up to 51 per cent from foreign supermarket chains and allowing overseas carriers to invest up to 49 per cent in Indian airlines.
"Foreign investment generates jobs and growth and to that extent it would help," said Kamal Sen, the president and chief executive of Cogitaas, a consultancy.
business@thenational.ae
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
HOW%20TO%20ACTIVATE%20THE%20GEMINI%20SHORTCUT%20ON%20CHROME%20CANARY
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Copa del Rey
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
Harry%20%26%20Meghan
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ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
Results
1.30pm Handicap (PA) Dh50,000 (Dirt) 1,400m
Winner Al Suhooj, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2pm Handicap (TB) 68,000 (D) 1,950m
Winner Miracle Maker, Xavier Ziani, Salem bin Ghadayer
2.30pm Maiden (TB) Dh60,000 (D) 1,600m
Winner Mazagran, Tadhg O’Shea, Satish Seemar
3pm Handicap (TB) Dh84,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer
3.30pm Handicap (TB) Dh76,000 (D) 1,400m
Winner Alla Mahlak, Adrie de Vries, Rashed Bouresly
4pm Maiden (TB) Dh60,000 (D) 1,200m
Winner Hurry Up, Royston Ffrench, Salem bin Ghadayer
4.30pm Handicap (TB) Dh68,000 (D) 1,200m