Big Bang Reforms: Modi-Jaitley Burst 15 FDI Crackers

The Narendra Modi government announces FDI reforms in 15 major sectors.

Bihar Loss Not Behind FDI Announcement: Piyush Goyal

Piyush Goyal, Union Power Minister, spoke to Times Now and dissociated the FDI announcement from the Bihar loss and Prime Minister Narendra Modi’s visit to the United Kingdom on November 12.

We have accepted defeat in Bihar but our work towards the sustainable development of the economy will not suffer. We have been planning these reforms for three months now.

Piyush Goyal, Union Power Minister

According to the Power Minister, the government never gave up their “commitment to the people of India,” in the wake of the loss in the Bihar Assembly election.

The gold monetisation and gold coin scheme announced on November 5 and today’s FDI announcements are a result of three months of work, Goyal added.

Eased FDI Limit

• Limited liability partnerships: 100 percent without government nod
  
• Foreign Investment Promotion Board: Can give single window clearance for investment projects up to Rs 50 billion rupees ($753 million) from Rs 30 billion

Retail

• Duty free shops: 100 percent without government nod
  
• Same entity for wholesale/single brand retailing: 100 percent without government nod

Banking

• Investment in private banking: FIIs/FPIs/QFIs can invest up to 74 percent
  

Plantations

• Coffee/rubber/cardamom/palm oil plantations: 100 percent without govt nod
  

Media

• Telports: 100 pct (up to 49 pct without government approval)
  
• Direct to Home (TV): 100 pct (up to 49 pct without government approval)
  
• Cable networks: 100 pct (up to 49 pct without govt approval)=
  
• FM Radio: 49 pct with govt approval News, current affairs TV channels: 49 pct with government approval
  
• Non-news TV channels: 100 pct without prior approval