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Govt likely to allow FDI in retail, real estate
In order to increase foreign investment flow, government proposes to enhance sectoral caps, set up legal framework for speedy clearance of infrastructure and SEZ projects and open up retail, real estate and plantation sectors.
In order to increase foreign investment flow, government proposes to enhance sectoral caps, set up legal framework for speedy clearance of infrastructure and SEZ projects and open up retail, real estate and plantation sectors.
Some of these proposals, now being examined by the high powered steering committee on FDI headed by Planning Commission member N K Singh, may be announced in the forthcoming budget.
The print media however is unlikely to be opened up to foreign direct investment.
"The committee is looking at (having an FDI cap) in other areas such as scientific journals and periodicals but on the specific issue of print media the committee is unlikely to take a view," Advisor, Planning Commission, and member of the steering committee, Arvind Virmani, told reporters in New Delhi. The committee which would finalise its report by March-end was also exploring a separate law to ensure clearance of infrastructure projects within a fixed time frame, he said.
Another proposal under consideration was to enact a separate legislation for Special Economic Zones (SEZs) given the key role they play in attracting FDI.
Virmani said the FDI in India was far below that of countries such as China, adding the committee was of the view that efforts were needed to use FDI to make exports easier. On existing FDI caps in certain sectors, he said the committee would be making recommendations to enhance FDI caps where possible.
"We are also examining the possibility of opening up sectors like retail, real estate and tea sectors to FDI," he said, adding in all these sectors the committee was likely to recommend having an initial FDI cap.
Bureau Report
The print media however is unlikely to be opened up to foreign direct investment.
"The committee is looking at (having an FDI cap) in other areas such as scientific journals and periodicals but on the specific issue of print media the committee is unlikely to take a view," Advisor, Planning Commission, and member of the steering committee, Arvind Virmani, told reporters in New Delhi. The committee which would finalise its report by March-end was also exploring a separate law to ensure clearance of infrastructure projects within a fixed time frame, he said.
Another proposal under consideration was to enact a separate legislation for Special Economic Zones (SEZs) given the key role they play in attracting FDI.
Virmani said the FDI in India was far below that of countries such as China, adding the committee was of the view that efforts were needed to use FDI to make exports easier. On existing FDI caps in certain sectors, he said the committee would be making recommendations to enhance FDI caps where possible.
"We are also examining the possibility of opening up sectors like retail, real estate and tea sectors to FDI," he said, adding in all these sectors the committee was likely to recommend having an initial FDI cap.
Bureau Report