Modi govt considers easing rules to attract FDI in construction sector

Agencies
January 26, 2021

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New Delhi, Jan 26: India is considering easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs in an economy cratered by the pandemic, people with knowledge of the matter said.

A proposal to allow limited liability partnerships to invest in the construction of townships, roads, hotels and hospitals is under discussion, the people said, asking not to be identified citing rules. A plan to allow 100% foreign direct investment in animation, visual effects, gaming and comics sector may also find mention in the government’s budget to be presented Feb. 1, one of the people said.

Allowing LLPs will open a new investment avenue at a time when the government of Prime Minister Narendra Modi is struggling to revive the economy from its worst annual contraction on record and generate employment in a country still shedding jobs months after the pandemic-induced lockdown. The government estimates India will require investment worth $777 billion across infrastructure for development by 2022.

A finance ministry spokesman did not answer a call made to his cellphone outside of business hours Tuesday.

The construction sector received FDI inflows worth $25.7 billion between April 2000 and September 2020, government data show. The relaxation in rules is also likely to help the Modi government get closer to its target of creating affordable housing for all in urban areas by 2022 and building 100 smart cities.

Currently, foreign investors have to meet certain conditions for investing in the construction development sector such as a three year lock-in period before exiting. Allowing LLP firms will afford the sector ability to receive foreign investments more easily, the people said.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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News Network
November 15,2024

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Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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News Network
November 26,2024

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Bengaluru: The Janata Dal (Secular) is grappling with its most tumultuous political crisis yet, with speculation rife about imminent defections among its lawmakers. This storm comes in the aftermath of party scion Nikhil Kumaraswamy's humiliating defeat in the Channapatna bypoll—his third consecutive electoral loss after setbacks in Mandya (2019) and Ramanagara (2023). With the regional party’s Assembly tally shrinking to 18 from 19, questions are being raised about its survival.

The murmurs of rebellion were amplified on Monday when Health Minister Dinesh Gundu Rao and Congress MLA CP Yogeshwar openly hinted at possible desertions within the JD(S) ranks. Yogeshwar, newly elected from Channapatna, declared he could orchestrate a migration of JD(S) MLAs to Congress. “I’ll meet them at the Belagavi session. Within a month, they’ll be in Congress,” he confidently stated during a televised interview. Yogeshwar has a history of engineering defections, having played a pivotal role in the collapse of the JD(S)-Congress coalition government in 2019 during his stint with the BJP.

Dinesh Gundu Rao, not mincing words, slammed the JD(S) leadership for fostering "self-serving politics," criticizing the HD Deve Gowda family for failing to nurture party talent. “There’s no trust. Their MLAs will seek survival—either in BJP or Congress,” he remarked.

Meanwhile, the expelled JD(S) state president CM Ibrahim added fuel to the fire by claiming that 12-13 MLAs are "disillusioned" with the current leadership. Speculations around senior JD(S) leader GT Deve Gowda joining Congress have also intensified. DK Shivakumar, Karnataka’s Deputy CM and Congress president, described GT Deve Gowda as a “valuable leader” who might be frustrated with the party’s internal dynamics.

While Congress leaders seem eager to poach JD(S) legislators, the BJP is not far behind in targeting the floundering party. The situation signals a decisive moment for the JD(S), as its survival now hinges on how it manages this brewing storm of discontent.

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