Tag Archives: Prime Minister

Cabinet approves 49% FDI in Air India

The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to a number of amendments in the FDI Policy -one of them allowing foreign airlines to invest up to 49 per cent under approval route in Air India. These are intended to simplify the FDI policy to provide ease of doing business in the country. As per the extant policy, foreign airlines are allowed to invest under Government approval route in the capital of Indian companies operating scheduled and non-scheduled air transport services, up to the limit of 49 per cent of their paid-up capital. However, this provision was presently not applicable to Air India, thereby implying that foreign airlines could not invest in Air India. Foreign airlines can now invest up to 49 per cent under approval route in Air India subject to the conditions that foreign investment(s) in Air India including that of foreign airline(s) shall not exceed 49 per cent either directly or indirectly. Substantial ownership and effective control of Air India shall continue to be vested in Indian National.

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Portugal to open office in India

Soon, Portugal tourism ministry will be making a direct presence in India, in Mumbai, by opening a tourism office. Luis Araujo, President, Turismo De Portugal, reveals, “We will open a new tourism office in Mumbai this year which will interact with the travel trade and to work with them. We will have someone from Portugal stationed here. We will also appoint a local representative as it is important to have someone who already understands the market and will know what works here.” Portugal has Europe’s first Prime Minister who is of Indian descent – Antonia Costa whose father was of Goan, Portuguese, and French descent. This is among the many cultural connections that Portugal has with India.

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Crimea assures safety to Indian tourists

In the wake of recent disturbances, Crimean authorities have assured Indian tourists that the country is a “safe travel destination.” Prime Minister of the Republic of Crimea, Sergey Valeryevich Aksyonov, said, “I want to assure tourists from India that Crimea is a safe travel destination. We welcome guests. Especially as Russia and India have long-term friendly relations. The inflow of tourists to Crimea has increased. Crimea remains one of the most popular holiday destinations for those from Russia and outside.” Crimea has been under Russian control since 2014. According to the Russian Federal Security Service, armed clashes took place in northern Crimea last month involving a group that had allegedly came from Ukrainian territory to commit acts of terrorism in public places and thus disrupt the tourist season on the peninsula.   (issued by Russia Info Centre and PTI)

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