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Five more sectors to be opened for 100% FDI
By agencies
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Thursday, 19 January 2006, 20:30 IST
KOLKATA: The government will open five more sectors for 100 percent FDI through the automatic route approval with one month.
The new sectors to be opened up are power trading, processing and warehousing of rubber and coffee, coal, greenfield airports and petroleum infrastructure.
Sources in the industry ministry said the Group of Ministers (GoM) appointed to look into the matter suggested opening up of the five sectors for 100 percent FDI. The cabinet will approve this move before the forthcoming budget in February.
The GoM, sources said, believed the move would help reduce the levels of control in most sectors of the economy and attract more foreign capital.
Power trading was a critical issue as it involves huge funds for expansion. With the sector being opened up, regional imbalances in power resources would be eliminated and tariff levels would also come down.