DAILY CURRENT
AFFAIRS: 11 JAN 2018
(DAILY NEWS INDIA)
1. CABINET APPROVES AMENDMENTS IN FDI POLICY, POLICIES FURTHER
LIBERALIZED
i. In the financial year 2016-17, total
FDI of US $ 60.08 billion has been received, which is an all-time high. The
Cabinet chaired by PM Narendra Modi has approved amendments in FDI Policy and
further liberalized few of the policies of FDI.
ii. Key Highlights- 100% FDI under
automatic route for Single Brand Retail Trading. Foreign airlines allowed to
invest up to 49% under approval route in Air India. Government approval no
longer required for FDI in Single Brand Retail Trading.
iii. 100% FDI under automatic route in
Construction Development. FIIs/FPIs allowed to invest in Power Exchanges
through primary market and Definition of ‘medical devices’ amended in the FDI
Policy.
iv. Extant FDI policy on SBRT allows
49% FDI under automatic route, and FDI beyond 49% and up to 100% through
Government approval route. It has now been decided to permit 100% FDI under
automatic route for SBRT.
v. Civil Aviation: As per the extant
policy, foreign airlines are allowed to invest under Government approval route
in the capital of Indian companies operating scheduled and non-scheduled air transport
services, up to the limit of 49% of their paid-up capital. However, this
provision was presently 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% under
approval route in Air India.
vi. Construction Development:
Townships, Housing, Built-up Infrastructure and Real Estate Broking Services.
It has been decided to clarify that real-estate broking service does not amount
to real estate business and is, therefore, eligible for 100% FDI under the
automatic route.
vii. Power Exchanges: The extant policy
provides for 49% FDI under automatic route in Power Exchanges registered under
the Central Electricity Regulatory Commission (Power Market) Regulations, 2010.
It has now been decided to do away with this provision, thereby allowing
FIIs/FPIs to invest in Power Exchanges through the primary market as well.
2. IMPORTANT CABINET APPROVALS- 10TH JANUARY 2018
i. The Union Cabinet chaired by PM Shri
Narendra Modi has given the following set of approvals. The important Cabinet
Approvals are given as follows-
The Cabinet has approved- 1. MoU
between India and Canada for cooperation in the field of Science &
Technology. The MoU will provide a mechanism and help to foster scientific
cooperation between R&D and academic institutions of India and Canada.
2. Implementation of CCEA decision on
the closure of Tungabhadra Steel Products Limited.
3. Fixed term for Chairperson and
Members of the National Trust- Cabinet approved the proposal to amend Section
4(1) and Section 5(1) of the National Trust for the Welfare of Person with
Autism, Cerebral Plasy, Mental Retardation and Multiple Disabilities Act, 1999
to fix the term of the Chairperson and Members of the Board of National Trust
for three years.
3. PAYTM LAUNCHES INVESTMENT ARM, TO INVEST $10 MILLION
i. Paytm has set up a new entity called
Paytm Money Ltd that will offer investment and wealth management products and
will invest close to $10 million upfront in the new entity.
ii. Paytm Money is the fourth product
from One97’s stable after Paytm Mall, Paytm Payments Bank and Paytm wallet. It
will be available as a separate mobile application to users.
4. KARNATAKA TOPS STATES WITH INVESTMENT INTENTIONS OF RS. 1.49
LAKH CR
i. Karnataka topped all states with
investment intentions of Rs. 1.49 lakh cr till October 2017, according to R V Deshpande, Karnataka
Minister for Large, Medium Industries and Infrastructure Development
ii. The investment was 43% of the
country's total investment intentions. Karnataka has topped in FDI inflows and
has performed well in exports, contributing about 40 percent in electronics and
software services.