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Govt not considering amending FDI policy in defence sector

Commerce and Industry Minister Anand Sharma on Monday informed Parliament that the government is not considering any proposal to amend FDI policy in defence, warehousing and food storage sectors.



New Delhi: Commerce and Industry Minister Anand Sharma on Monday informed Parliament that the government is not considering any proposal to amend FDI policy in defence, warehousing and food storage sectors.

"As per extant FDI policy, FDI upto 26 per cent is permitted in the defence sector with prior government approval. FDI up to 100 per cent is permitted in warehousing and food storage facilities on automatic route. There is no proposal under consideration to amend the policy," Sharma said in a written reply to the Lok Sabha.

He was replying to a question whether the government proposes to remove sectoral cap and amend the foreign direct investment (FDI) policy in various sectors particularly of warehousing, food grains storage facilities and defence sector.

India has received USD 46.68 million (Rs 254.64 crore) worth of FDI during April-February 2012-13 in the warehousing sector including food grains storage.

In defence sector, the country has attracted USD 0.41 million (Rs 2.21 crore) inflows during the period.

PTI

From Zee News

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