Cabinet approves 100% FDI in single-brand retail and construction; Twitterati question PM Modi’s U-turn

The Centre's decision to approve 100 per cent FDI created a huge buzz on social media. While many are debating about the move, there are some who have highlighted how PM Narendra Modi and other BJP leaders took a U-turn about their stance on FDI.

By: Trends Desk | New Delhi | Published: January 10, 2018 6:55:12 pm
FDI, foreign direct investivent, 100 percent FDI, single brand retail FDI, caninet fdi rule, fdi in retail move, fdi in air india, narendra modi, arun jaitley, india news, business news, indian express People are divided if this 100 per cent FDI will benefit them or affect them adversely.

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.

However, there were some who supported the move and thought it was only about time that government realised FDI was good for India.

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.

What do you think about Cabinet’s move? Tell us in comments below.

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