India aims to garner $40 b from 63 FDI approvals

India hopes to bring in $40 billion worth of deals through the 63 FDI proposals in single-brand retail that were approved by the FIPB last year, Union Commerce and Industry Minister Anand Sharma said.

Talking on the sidelines of an interaction with sericulture industry and e-inauguration of academic campus of National Institute of Fashion Technology (NIFT), Sharma told reporters that among all the proposals that were approved, Swedish furniture giant Ikea was the largest. Ikea, in January 2013, was allowed to venture into India by the FIPB with plans of investing close to $2 billion in setting up 25 wholly-owned subsidiaries in the next 15-20 years.

Asked about role of the recently-formed, four-member panel headed by Economic Affairs Secretary Arvind Mayaram in classifying FDI and FII to remove ambiguity, Sharma said that the committee should be allowed to take its course of action, without elaborating further.
The government last year had opened up FDI in multi-brand retail up to 51 per cent and a whopping 100 per cent in case of single-brand retail stores. Since then, the FIPB has received and cleared 63 proposals in single-brand, including Louis Vuitton and Marks and Spencer.

Sharma was submitted multiple memoranda by silk weavers; exports and traders associations. Sharma said the government would look into increasing the import duty on Chinese silk fabrics. He added, “The increase in customs duty on import of raw silk from 5 per cent to 15 per cent in the Union Budget is to give an impetus to the indigenous sericulture industry.”

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