8 Feb 2017

Major breakthrough

A major breakthrough in negotiations at the GST Council has enabled it to set a July 1st launch date. The Foreign Investment Promotion Board has approved a number of FDI proposals outside of the automatic approval channels, worth $180mil. It was subsequently announced in the Union Budget that the FIPB would be abolished by FY18. The government is considering allowing 100% investment in single-brand retail to stimulate investment. The centre has raised $5bn in disinvestment proceeds this fiscal year so far, a record number. The Manufacturing PMI accelerated again to 50.4 in January after dropping below 50, to 49.6 in December.

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