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  3. Prime Minister to take a final call on FDI issue in a high level meeting

Prime Minister to take a final call on FDI issue in a high level meeting

16 Jul 2013 Evaluate

Prime Minister Manmohan Singh will be meeting his key cabinet colleagues to take a final decision on the proposed reforms in the foreign direct investment (FDI) policy for hiking foreign investment caps in sectors like telecom, retail and defence. The Finance Ministry too has proposed sweeping changes in the FDI regime, favouring higher sectoral caps in almost all sectors in view of the declining trend in the FDI inflows, which in 2012-13 aggregated $ 22.42 billion, much lower compared to $36.50 billion in 2011-12.

It is expected that ministers of finance, commerce and industry, defence, civil aviation, power, MSME, petroleum and natural gas, among others, will be attending the meeting. The Department of Industrial Policy and Promotion (DIPP) will present the blueprint for FDI reforms based on the suggestions of the Arvind Mayaram committee. It has been reported that based on DIPP’s meetings with several ministries, a final note has been prepared, which will be discussed with the prime minister and his cabinet colleagues in the meeting.

The Mayaram committee has recommended at least 49% FDI in most sectors through the automatic route and higher FDI limit in many sectors such as multi-brand retail, telecom, and civil aviation in a bid to attract stable foreign inflows after CAD touched an all-time high of 4.8% of GDP last fiscal. The committee has suggested that FDI in defence be raised to 49 percent under the government approval route, from 26 percent at present. It has also proposed to increase FDI cap to 74 percent and 100 percent in multi-brand retail trading and telecom sector.

The other issue which is likely to be discussed in the meeting, is the concerns raised by the Commerce and Industry Ministry on the increasing number of acquisitions of domestic pharmaceutical companies by foreign firms. DIPP too has raised concerns over a spate of acquisitions in the sector by the multinationals.

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