India 2018

334 India 2018
approval or license/permission by the concerned ministry/ regulator has
already been granted. Opening of such offices in stated sectors earlier required
RBI approval. This led to duplication of approvals and delays by adding layers
of approvals.
Animal Husbandry
As per earlier policy on this sector, FDI in animal husbandry (including breeding
of dogs), pisciculture, aquaculture and apiculture was allowed 100% under
automatic route under controlled conditions. It was observed that despite the
sector being under automatic route, it did not attract any significant FDI inflows,
thus necessitating a review. Therefore, this requirement of 'controlled conditions'
for FDI in these activities has now been done away with.
Guidelines for FDI on E-commerce sector
The government has issued Guidelines for FDI on E-commerce sector. 100%
FDI under automatic route is now permitted in marketplace model of e-
commerce. Various terms like e-commerce, e-commerce entity, marketplace,
inventory based model have also been defined to bring clarity.
Investments by NRIs
'Investments by Non Resident Indians (NRIs), Persons of Indian Origin (PIOs)
and Overseas Citizens of India (OCIs) on non-repatriation basis is now deemed
to be domestic investment at par with investment made by residents. As per
new definition, NRI would mean an individual resident outside India who is a
citizen of India or is an 'Overseas Citizen of India' cardholder within the meaning
of section 7 (A) of the Citizenship Act, 1955. Such dispensation has also been
extended to companies, trusts and partnerships owned by NRIs.
FDI Inflows
FDI inflows to India have been quite significant since 2000-01. Its equity inflows
have risen from US$ 2.46 billion in 2000-01 to US$ 43.48 billion in 2016-17. Under
international practices of reporting, i.e. including equity capital, equity capital
of unincorporated bodies, reinvested earnings and other capital, total FDI inflow
was US$ 4.03 billion in 2000-01 which increased to US$ 60.08 billion in 2016-17.
Simplifying the Business Environment
The Department of Industrial Policy and Promotion (DIPP) in collaboration
with the Industry Association CII is conducting State workshops with Industry
and Industry Associations to make regulations conducive for business including
establishment of online single-window, adoption of national and international
best practices, simplification of tax-regime etc.
Registering Property
Integration of Sub Registrars' offices with the Land Records Department was
completed. Registration data is being shared with the Land Records Department
as part of the LR-SRO linkage under the National Land Records Modernization