Online edition of India's National Newspaper
Friday, Jan 06, 2006
Online edition of India's National Newspaper Friday, Jan 06, 2006 |
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Special Correspondent
NEW DELHI: A comprehensive review of the foreign direct investment (FDI) policy has been carried out here by the high power Group of Ministers (GOM) on FDI which has also finalised some recommendations on procedural simplifications. Disclosing this here on Wednesday, the Chairman of the GOM, Agriculture Minister, Sharad Pawar, told newspersons that a wide range of issues were discussed at the meeting. The GOM would be sending its recommendations to the Cabinet shortly, he said, covering major issues relating to simplifying the existing policy. Commerce and Industry Minister, Kamal Nath, indicated that such simplification would include allowing several sectors to go ahead with FDI through the automatic route rather than having to seek approvals from the Foreign Investment Promotion Board. He noted that the meeting did not deliberate on making structural changes but rather focussed on the contentious issue of the need for multiple approvals. Giving examples, he said even if the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) approval had been secured for clearing a particular FDI proposal, there was still a need to get FIPB approval for some schemes. However, he clarified that the issue of liberalisation of FDI was not discussed.
Among those who attended the meeting were Finance Minister, P. Chidambaram, Petroleum and Natural Gas Minister, Mani Shankar Aiyar, Civil Avitation Minister, Praful Patel, Coal Minister, Dasari Narayana Rao, Mines Minister, Sis Ram Ola, and Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia.
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