Anand Sharma, Ambika Soni on FDI in multi-brand retail, aviation: Highlights

Commerce Minister Anand Sharma and Information Broadcasting Minister Ambika Soni addressed the media after the Centre announced Foreign Direct Investment in multi-brand retail and aviation. Here are the highlights of what they said:

Ambika Soni:

• Among other items that were cleared were financial restructuring of Prasar Bharti.
• The proposal is of great importance, the cabinet has approved 100% expenses towards salary and salary-related expenses of Prasar Bharti for next 5 years.
• In form of grants rather than loan.
• Spectrum charges to be waived off.
• Loan in perpetuity will now be converted to grants and aid.
• Will help Prasar Bharti to move forward and fulfill role that it is supposed to.
• There will be 100% FDI in single-brand, 51% in multi-brand.
  
  Anand Sharma:
  
  
• 100 percent has been notified in single brand.
• Indian national's firm in partnership with foreign company with a legally tenable agreement will be allowed to invest.
• I had written to every Chief Minister, spoke to most of them. Chief Ministers of West Bengal and Odisha had reservations.
• In a democracy, govts talk to everyone, you talk of building consensus. This is not a sudden decision. There was no eating of words before, it wasn't rolled back. We took 10 months of intense consultations, some states had reservations, states which have reservations have their discretion, this is an enabling measure.
• Disinvestment in Oil India, Hindustan Copper, MMTC, National Aluminum company.
• In Aviation, we have allowed FDI up to 49%. After reviewing carefully, the earlier policy did not bring in investment, given sector given to ups and downs. 49 % has been cleared in civil aviation sector also. Rules will be cleared by civil aviation ministry.
• We respect Mamata Di, we respect her decision. 
• The Prime minister has sent a message that this government thinks about the people. These decisions will resonate globally.