FDI policy review in 6-8 weeks: Kamal Nath

Tuesday, 22 May 2007, 07:00 Hrs
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New Delhi: The government is all set to review its policy on foreign direct investment within the next six to eight weeks, India's Commerce and Industry Minister Kamal Nath said Monday here.

"We are looking into the FDI review guidelines in the next six to eight weeks," Kamal Nath told reporters on the sidelines of a conference organised by the Confederation of Indian Industry (CII).

On the issue of the Indian rupee appreciating against the US dollar, the minister said, "Rising rupee is a concern and the government is looking into taking appropriate measures."

He, however, did not clarify what measures would the government take.

When asked about his discussions with US trade representatives Susan Schwab on the H1-B visa issue, the minister said, "The H1-B visa issue is not about visas but about free movement of people. US has to ensure that when we look for breakthroughs (in WTO), it's not only in industrial goods, agriculture or NAMA (non-agricultural market access), but also in services."

"It (negotiations with US) has to be very specific and clear, can't be vague."

Last week Republican Chuck Grassley and Democratic Richard Durbin, both members of the Senate Judiciary Committee Subcommittee on Immigration, asked nine Indian firms, including Infosys, Wipro and Satyam, to explain their use of the H-1B visa programme.
Source: IANS
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