Cabinet defers decision on liberalising investment norms

Thursday, 24 April 2003, 07:00 Hrs
Printer Print Email Email
NEW DELHI: The Indian cabinet Wednesday deferred a decision on liberalising norms for foreign direct investment (FDI) in key sectors like telecom, aviation and petroleum.

Talking to reporters after the cabinet meeting, Parliamentary Affairs Minister Sushma Swaraj said that the proposal to liberalise FDI in select sectors was not discussed.

Official sources, however, said that the proposal was taken up at the meeting but a decision could not be taken as some ministers opposed the idea of opening up key sectors like aviation to foreign players on security grounds.

The cabinet was expected to take a decision on raising the foreign equity cap in telecom to 74 percent from the existing 49 percent and allowing foreign airline companies to buy up to 49 percent of the equity in domestic airlines.

The cabinet was also expected to take a decision on raising FDI cap in airports and airport facilities to 100 percent.
Source: IANS
SPOTLIGHT
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..