The government has allowed investment of about 49% on Air India, ahead of the union budget 2018-19. Relaxations are also made on FDI on medical devices and firms receiving foreign investments. As a major move that will ease foreign investments, the government has approved 100 percent FDI through automatic routing, which will be heavily useful.
With more investments, more jobs and income for the nation is expected, and the 49% on Air India came at the wake of government's decision to disinvestment on the carrier. The investment of 49% can be either direct or indirect, and the loans of Air India are around 48877 Crores, with 17360 crore aircraft loans and capital loans of 31517 crores.
The net loss of Air India in 2016-17 was 3643 crores, and in 2017-18 were 3579 crores. Commenting on this strategic move by the government, commerce minister Suresh Prabhu said that this Liberalization move was to gather more investments, and develop the economy of India.
Crores of rupees donated by NRIs for Tirumala According to sources a temple official said two US based entrepreneurs had donated Rs 13.5 crore to the famous hill shrine of Lord Venkateswara at nearby Tirumala. Meanwhile the NRI devotees, originally hailing from Andhra Pradesh, donated the huge cash offerings as a fulfillment of their vow.
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