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The government on Wednesday takes step to ease foreign direct Investment (FDI) norms in various sectors like single brand retail and allowed foreign airlines to invest up to 49 per cent in Air India.        

The Prime Minister Narendra Modi chaired cabinet meeting to nod FDI reforms.

In an official statement it is said that now overseas investors can invest 100 % foreign direct investment in single brand retail trading and construction development without any government approval.

"Foreign airlines allowed to invest up to 49 per cent under approval route in Air India," the statement said.

As per the policy, foreign airlines are allowed to invest under government approval route in Indian companies operating scheduled and non-scheduled air transport services, up to the limit of 49 per cent of their paid-up capital.

However, the provision was not applicable to Air India, thereby implying that foreign airlines could not invest in Air India. "It has now been decided to do away with this restriction and allow foreign airlines to invest up to 49 per cent under approval route in Air India," it added.

This condition was relaxed subject to certain conditions.

The statement said that foreign investment in Air India including that of foreign Airline (s) shall not exceed 49 per cent either directly or indirectly and "substantial ownership and effective control of Air India shall continue to be vested in Indian National".

The government said that the decision would help provide ease of doing business and also lead to larger FDI inflows contributing to growth of investment, income and employment.

Further it has clarified that real-estate broking service does not amount to real estate business and is therefore, eligible for 100 per cent FDI under automatic route.        

 

 

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