Press note comes a day after DIPP notified increased cap of 49 per cent FDI in defence sector.
Proposals Of FDI beyond 49% with an inflow in excess of Rs 1,200 crore will require approval only by the CCS.
The Union Minister for Finance and Defence was speaking at an intellectuals’ meet in Kolkata organised by the state BJP.
The CPM also raised concerns over the proposed changes in labour laws.
The exhibition is open at the Sector 31 CII building till Saturday.
By easing norms for FDI in defence sector and railway government hopes will help save on foreign exchange.
Cabinet gives effect to key policy measure announced in Budget 2014-15.
The decisions were taken at the Cabinet meeting headed by Prime Minister Narendra Modi, sources said.
The Union Budget 2014-15 while announcing a liberalised FDI caps for insurance, railways and defence was silent on
Cabinet has approved 49 pct foreign investment in insurance firms, with Indian control.
Jaitley also clarified that government would move ahead with hiking the FDI cap in the defence sector.
Eight listed firms with insurance subsidiaries record 2%-10% gains.
In his budget speech, FM Arun Jaitley had said that insurance sector is investment starved.
Budget 2014 talked of developing career centres. We need to make them work
Foreign investors, till now, were only allowed to invest in equity shares and compulsorily and mandatorily convertible preference shares.