Finance moots 49% multi-brand retail FDI by automatic route

It was also not part of the suggestions put forward by the Arvind Mayaram committee. Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route. The finance minstrys proposal could get support from the Planning Commission, an official said. The planning commission is yet to submit its response to the DIPP proposal. The departments of commerce, consumer affairs and agriculture & cooperation too havent given their responses.

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India’s Finance Minister Vows Not To Overspend

India has $279 billion in foreign reserves as of July 19, according to the Reserve Bank of India. Emerging market countries often use reserves to fend off speculative attacks against its currency, and to provide a cushion against external debt service. The FinMin said that Indias target for this years fiscal deficit was still 4.8%. It is a red line and it will not be breached, he said on a day that economic data out of the country showed the government had run up a fiscal deficit of nearly half the budgeted amount in the first quarter. The fiscal deficit for April-June quarter was 48.4% of the budgeted amount compared with 37.1% in the same period last year, the ET reported Thursday.

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