FM vows to clear FDI plans in seven days

Finance Minister P. Chidambaram has assured overseas investors that all FDI in the infrastructure sector will be cleared by his government w...

Finance Minister P. Chidambaram has assured overseas investors that all FDI in the infrastructure sector will be cleared by his government within seven days. His assurance came at the back of global CEOs concerns about bureaucratic hurdles in India.

Seeking $120 billion FDI for infrastructure projects, Chidambaram told investors in New York and in London that the new Cabinet committee on infrastructure will resolve investment issues.

Chief economic advisor Ashok Lahiri said, ‘‘The minister told global investors in New York that he will take all FDI proposals to the committee.’’ He said India would encourage public-private partnerships in the core sector.

Finance ministry officials said the FM focussed on ports, roads and airports, and said building them was imperative for economic upswing on a large scale.

P Vaidyanathan Iyer

P. Vaidyanathan Iyer is The Indian Express’s Managing Editor, and leads the newspaper’s reporting across the country. He writes on India’s political economy, and works closely with reporters exploring investigation in subjects where business and politics intersect. He was earlier the Resident Editor in Mumbai driving Maharashtra’s political and government coverage. He joined the newspaper in April 2008 as its National Business Editor in Delhi, reporting and leading the economy and policy coverage. He has won several accolades including the Ramnath Goenka Excellence in Journalism Award twice, the KC Kulish Award of Merit, and the Prem Bhatia Award for Political Reporting and Analysis. A member of the Pulitzer-winning International Consortium of Investigative Journalists (ICIJ), Vaidyanathan worked on several projects investigating offshore tax havens. He co-authored Panama Papers: The Untold India Story of the Trailblazing Offshore Investigation, published by Penguin. ... Read More