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Govt relaxes FDI limit in 6 sectors(Live mint.com 31th Jan 2008)In a bold move aimed at attracting foreign capital in its fast-expanding economy, the Union government has relaxed foreign ownership norms in six businesses including aviation, commodity exchanges and oil refining, braving opposition from Communist allies in a year of 10 state elections.
The decision, taken at a Wednesday meeting of the Union cabinet, eases foreign investment norms in cargo and charter airlines, helicopter services, credit information companies, titanium mining, industrial parks and construction development projects, where foreign investors—both partners and financial—are permitted with equity caps ranging from 0% to 49%.
“The move will help the respective sectors get not only the funds, but technological knowledge, which will further boost the growth in these sectors,” said N.R. Bhanumurthy, an economist at the Institute of Economic Growth in the Capital.This fiscal year, the government has set a target of $30 billion, or Rs1.18 trillion, for so-called foreign direct investments (FDI), the category under which equity contributions from overseas companies or partners is clubbed, to help keep the economy expanding at 8-9%. FDI flows into India grew 35% between April and October, the latest data available, from the year-ago period, to Rs37,745 crore. More
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