Cabinet clears FDI in retail, aviation - NewsX

In a further boost for the economy, the Cabinet Committee on Economic Affairs has cleared FDI of 51 percent in multi-brand retail, a move that is expected to create millions of jobs and also be a big boost for farmers across the country. The decision to allow 51 percent majority stake also caters to an important pre-condition of international retailers who wanted majority stake control to enter the Indian market. In another move that will boost the flagging aviation industry in the country, the CCEA has cleared FDI by foreign airlines of up to 49 percent. So far, foreign companies not related to the aviation industry could pick up up to 49 percent stake in Indian aviation companies. This move is expected to boost the flagging fortunes of companies like Kingfisher and Spicejet and the industry at large which has been suffering losses of hundreds of crores.
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