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Govt liberalises FDI norms in 15 sectors
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SME Times News Bureau | 11 Nov, 2015
Responding to public expectations following the BJP's stunning defeat in
the Bihar assembly elections, the government on Tuesday announced the
reforming and liberalising of norms for foreign investment in 15
sectors.
"Today's (Tuesday) important decision brings in foreign
investment-related reforms and liberalisation touching upon 15 major
sectors of the economy," Finance Minister Arun Jaitley told reporters
here.
"Sectoral caps (on foreign investment) have been increased
in some areas. Outdated conditionalities, along with sectoral caps have
been removed or easened. Many areas have been put on the automatic
(approval) route," he added.
In this regard, Fitch Ratings said
on Monday the BJP's defeat in the Bihar elections is unlikely to have
any major impact on India's economy, but could complicate politics for
the government.
"The loss may complicate politics for the central
government, but we don't expect major implications on the economic
front," Fitch Ratings Asia-Pacific Sovereigns director Thomas Rookmaaker
said in a statement.
"With continued opposition the government
will likely continue to try and pass legislation via ad hoc political
deals, and if that does not work, it may continue to resort to
implementation of reforms at the state level," Rookmaaker said.
An
expert, however, has said the Bihar result is a setback for the BJP-led
central government's plans to pilot the Goods and Services Tax (GST)
Bill through parliament.
"The opposition parties will become
emboldened with the Bihar elections result, which will make it more
difficult for the (Narendra) Modi government to go through with the GST
Bill," economist Arun Kumar, till recently a professor at Jawaharlal
Nehru University here, told IANS.
The central government has set
the target for implementing the pan-India GST from April next year, but
it is currently stuck in parliament, especially over the cabinet's nod
to some changes recommended by a parliamentary panel, notably an extra
one percent levy to compensate the states for potential tax losses.
The
opposition parties have opposed the extra one percent GST levy as they
feel this would not only push up prices, but also have a cascading
effect.
In this connection, majority of Indian businesses are
optimistic about the state of the economy improving in the next two
quarters, although the last six months have not witnessed much of a
change at the ground level, industry chamber Assocham's latest survey
showed.
"In the coming six months, there seems to be growing
optimism in terms of the economic performance with 80 percent
respondents feeling that the state of the Indian economy would be
better," said Associated Chambers of Commerce and Industry's (Assocham)
latest Biz Confidence survey.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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56.85 |
As on 13 Aug, 2022 |
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