Seven major sectors reviewed
Of late, a historical Foreign Direct Investment (FDI) policy
was announced. With liberalisation of the norms in the seven major sectors, the government has not merely made a desperate attempt to win the lost trust of its vote bank, just before the announcement of annual budget, but also signaled that economic atmosphere is further going to be conducive for the multinationals.
For the first time, 49% FDI in Commodity Exchanges & Credit Information Companies (CICs) were permitted. For Commodity Exchanges FDI upto 26% & FII upto 23%, with a 5% cap on single entity has been allowed. The new policy for CICs has also allowed sub-cap of 24% for FIIs. Moreover, the cap for petroleum refining by PSUs has too been increased to 49% from 26% previously. “The move would definitely augment the potential of the market places, to help the rural areas unlock values in their economy and help spread benefits of economic growth,” said Joseph Massey- DMD-MCX. Besides, other sectors like aviation, real estate & Titanium mining industries too have their share of pie. The government has not made it mandatory for FIIs to invest for a lock-in period of three years, in real estate sector. It has further sanctioned 100% FDI in areas like Titanium mining and setting up of Maintenance Repair & Overhaul (MRO) facilities and aviation training institutes.
Most in the political fraternity have always resisted changes in the FDI policy. And this time too, the Left has not received it with open arms. But this policy pronouncement is more of a strategic move, ahead of elections scheduled in May next year.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
Of late, a historical Foreign Direct Investment (FDI) policy
was announced. With liberalisation of the norms in the seven major sectors, the government has not merely made a desperate attempt to win the lost trust of its vote bank, just before the announcement of annual budget, but also signaled that economic atmosphere is further going to be conducive for the multinationals.For the first time, 49% FDI in Commodity Exchanges & Credit Information Companies (CICs) were permitted. For Commodity Exchanges FDI upto 26% & FII upto 23%, with a 5% cap on single entity has been allowed. The new policy for CICs has also allowed sub-cap of 24% for FIIs. Moreover, the cap for petroleum refining by PSUs has too been increased to 49% from 26% previously. “The move would definitely augment the potential of the market places, to help the rural areas unlock values in their economy and help spread benefits of economic growth,” said Joseph Massey- DMD-MCX. Besides, other sectors like aviation, real estate & Titanium mining industries too have their share of pie. The government has not made it mandatory for FIIs to invest for a lock-in period of three years, in real estate sector. It has further sanctioned 100% FDI in areas like Titanium mining and setting up of Maintenance Repair & Overhaul (MRO) facilities and aviation training institutes.
Most in the political fraternity have always resisted changes in the FDI policy. And this time too, the Left has not received it with open arms. But this policy pronouncement is more of a strategic move, ahead of elections scheduled in May next year.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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