FDI cap issue on various sectors unresolved

NEW DELHI: The empowered Group of Ministers (eGoM) tonight left unresolved the controversial issue of changing the formula that determines ceiling on foreign direct investment in different sectors.

"There are still some anomalies left ... we will have another meeting," Commerce and Industry Minister Kamal Nath told reporters after a meeting of the eGom, headed by External Affairs Minister Pranab Mukherjee here.

According to sources, there were inter-ministerial differences on the proposal of the Department of Industrial Policy and Promotion that, if cleared, would have allowed foreign partners to lift the FDI cap in a host of sectors like telecom and insurance.

Besides Mukherjee and Nath, Telecom Minister A Raja and Corporate Affairs Minister Prem Chand Gupta are members of the eGOM.