DIPP holds talks with other ministries on hiking FDI caps

The industry ministry on Monday held consultations with ministries including defence,telecom,petroleum

Written by ENS Economic Bureau | New Delhi | Published:July 2, 2013 3:05 am

The industry ministry on Monday held consultations with ministries including defence,telecom,petroleum and information and broadcasting to review the FDI sectoral caps in various sectors,asking them to submit their contentions and views by the end of the week.

The meeting was called by the department of industrial policy and promotion (DIPP) to discuss the report on FDI sectoral caps prepared by economic affairs secretary Arvind Mayaram.

The report was submitted to the finance ministry two weeks ago,suggesting significant changes in the extant FDI policy,including raising the FDI limit to 74 per cent in multi-brand retail and allowing complete foreign ownership of telecom and aviation companies.

The report has also suggested doing away with FDI caps in several sectors including non-scheduled air transport,ground handling at airports,satellites,and private security agencies to attract foreign investments in the country.

“We have asked the departments to submit written suggestions within 2-3 days after which DIPP will prepare the report and give it to the commerce minister,” an official source said adding that accordingly it will be decided if a Cabinet note needs to be prepared.

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