Sharma for higher FDI cap in telecom,defence

Assuring foreign investors of “appropriate hand-holding support” while investing in the country,commerce and industry minister Anand Sharma

Written by ENS Economic Bureau | New Delhi | Published:June 17, 2013 1:10 am

Assuring foreign investors of “appropriate hand-holding support” while investing in the country,commerce and industry minister Anand Sharma today strongly supported liberalisation of the foreign direct policy in both the telecom and defence sector.

Sharma,who leaves for a 10-day visit beginning Monday to Helsinki,St Petersburg,Belfast and London,said he will address all the concerns of foreign retail sector investors and ensure all help in setting up stores. Further,he added that his department will soon move Cabinet for further liberalisation in other sectors which hold potential for FDI inflows.

“I am strongly in favour of raising the cap in telecom sector. I have discussed this with the telecom and finance ministers and once we have the proposal,we will move the Cabinet for raising the cap to 100 per cent,and also for FDI in defence because we want defence manufacturing to be here,” he told reporters here. 

He said he would be meeting Prime Minister Manmohan Singh along with finance minister P Chidambaram and defence minister AK Antony to discuss the liberalisation of the foreign investment in the two sectors.

He was speaking after attending a high-level meeting to discuss matters relating to FDI policy,especially in multi-brand retail trading. The minister will also convene a retail round table comprising captains of India Inc and foreign investors on June 27 to hear out their grievances and address their concerns.

He said his ministry wants global majors in defence sector to partner both with the PSUs and the private sector to manufacture weapon systems in India.

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