In a surprising move, the Union Cabinet approved 100 per cent foreign direct investment (FDI) in single-brand retail and construction through the automatic route. The move was made keeping in mind an ease of doing better business. The central government said that the initiatives were intended to “liberalise and simplify the FDI policy so as to provide ease of doing business in the country.”
The Cabinet also approved allowing foreign airlines to invest up to 49 per cent under government approval route in Air India. Besides this, the government allowed FPIs and FIIs to invest in power exchanges through primary market.
The sudden announcement left everyone bewildered especially from business industries. The Confederation of All India Traders (CAIT) said the move will facilitate easy entry of MNCs (multinational companies) in the retail trade and opposed the Centre’s move.
On social media too the news spread and created a huge buzz. On Twitter, ‘100% FDI’ started dominating the trends and it got everyone talking. Many highlighted how Prime Minister Narendra Modi and other BJP leaders had ardently opposed the move in 2012 and started quoting and sharing Modi’s tweet from back then. The ‘U-turn’ did not make everyone happy. Sample these.
— Dr Meraj Husain (@DrMerajj) January 10, 2018
BJP leaders protesting against Modi government for implementing
the 100% FDI rule in single brand . pic.twitter.com/GnuMYkCj2l
— Nigga Gandhi (@Eaglesiar) January 10, 2018
Modi Govt allows 100% FDI in single Brand Retail.
As per Modiji’s own Words his Government is selling the Nation to foreigners. pic.twitter.com/cQNvFWbVpu
— Keerthi🌹 (@TheDesiEdge) January 10, 2018
— Fake Trend Hunter (@trollabhakt) January 10, 2018
100% FDI So has Modi allowed single store 100% FDI because he is scared of the CBI??? pic.twitter.com/MTQvnTN1El
— Wideawakegentile (@The_Indian_Goy) January 10, 2018
In 2012, 49% #FDI : Desh ko bech rahe ho tum log! (i.e. anti national)
In 2018, 100% FDI: Those opposing the move are anti national.
— Arvin Vaz (@arvn_vaz) January 10, 2018
The good old days when FDI harmed shopkeepers. http://t.co/irvmy0H7Dz
— Ravneet Singh (@ravneet94478760) January 10, 2018
— SunandaSSinha (@SunandaSSinha) January 10, 2018
Modi Govt allows 100% FDI in single Brand Retail.
A decision that will again negatively effect small scale businesses which was once put on back foot by DeMonetization. This govt is only good for rich & doesn’t care for poor.
See now who is giving our nation to foreigners👇🏻 pic.twitter.com/OsgW9A9m8J
— RiJ🔴Y (@iamrijoy) January 10, 2018
100% FDI will destroy the nations small business and middle class who have already been hit hard due to demonetisation, GST and ridiculous bank policy which hold them for a ransoms for not maintaining a minimum balance.
— Abhishek Pratap (@Abhi5hekk) January 10, 2018
Modi ji , 100% FDI….?
You were against FDI in 2012 and now you are selling nation to foreigners ??
— farida patel (@FaridaPatel) January 10, 2018
However, there were some who supported the move and thought it was only about time that government realised FDI was good for India.
Big FDI push in airlines (49% in @airindiain), 100% in single brand retail, 100% in construction (automatic route). Finally signs of sensible intent
— Minhaz Merchant (@MinhazMerchant) January 10, 2018
Great news. Earlier approval process would take 6 months and in some cases longer. FDI should get further boost but will depend on what the local sourcing requirements are. #India #Reforms http://t.co/L7HOFbZgh1
— Rupa Subramanya (@rupasubramanya) January 10, 2018
Gutsy decisions by Modi-FDI in construction &Retail (&Agriculture thrust during budget) are aimed at massive job creation in shortest possible time.FDI in Air India is to stop bleeding tax payers money& shore up image of national carrier.Good moves timed before Devo’s meet.
— v chandrasekhar (@vc2008) January 10, 2018
Not enough, we need FDI in Multi brand retail as well if more jobs are to be created. But nonetheless a good start http://t.co/IFJ7aYbBtg
— Akshay Chaturvedi (@akshaychat) January 10, 2018
100%FDI in single retail, Airlines , Construction will bring investment and millions job opportunities for futuristic India . Yes BJP opposed it in 2013 but they understood it’s important step for progressive India .
— Aditya singh Panwar (@pawaraditya17) January 10, 2018
Good decision. India should be a free and open market for all to compete. This will help Indian retailers to lift standards in line with global markets & better value for money for countrymen. “100% FDI”
— Noorani Kaushal (@NooraniKaushal) January 10, 2018
Fully Developed India #FDI
— Nithin Subhakar (@nithinsubhakar) January 10, 2018
Better late than never ( Der Aye Durust Aye)#FDI 100%
— Sam’ad khan صمد خان (@Samad2523Khan) January 10, 2018
And while most people took a serious route to discuss pro and cons along with how it would affect small businessmen. There were some who couldn’t stop relating it to memes and GIFs. Sample these.
— HaseebaProudMuslim (@HaseebaBanoo) January 10, 2018
This is what happened after Modi Government opens 100% FDI in AUTO sector pic.twitter.com/m8sQSYjoXS
— Rishi Bagree 🇮🇳 (@rishibagree) January 10, 2018
What do you think about Cabinet’s move? Tell us in comments below.