FDI policy review on anvil
The government will soon announce a review of the foreign direct investment policy, giving priority to investments in sectors that generate maximum jobs.
By PTI |
NEW DELHI: The government will soon announce a review of the foreign direct investment policy, giving priority to investments in sectors that generate maximum jobs.
Commerce and Industry Minister Kamal Nath on Friday said the policy review would be unveiled in the next two-three weeks, but made it clear that there was no plan to change the policy in the fast-growing retail sector.
"We are looking at how FDI can be used in generating employment which will be the driving force of all our policies," Nath told reporters here.
Regarding government policy on growth of big domestic companies in retail, Nath said this issue need to be considered by Ministry of Consumer Affairs.
The Commerce Ministry is awaiting a report from economic think-tank ICRIER on the implications of FDI on small and retail traders.
The country received 11.4 billion dollars FDI in January-June 2007, whopping 218 per cent jump over the same period last year. For the first quarter of the financial year 2007-08, the inflows were 4.9 billion dollars against 1.7 billion dollars showing an increase of 185 per cent.
Nath said India follows one of the most liberal FDI policies in the world. "According to a world report on Freedom of economic activities, India ranks quite high among several Asian destinations," he said.
Commerce and Industry Minister Kamal Nath on Friday said the policy review would be unveiled in the next two-three weeks, but made it clear that there was no plan to change the policy in the fast-growing retail sector.
"We are looking at how FDI can be used in generating employment which will be the driving force of all our policies," Nath told reporters here.
Regarding government policy on growth of big domestic companies in retail, Nath said this issue need to be considered by Ministry of Consumer Affairs.
The Commerce Ministry is awaiting a report from economic think-tank ICRIER on the implications of FDI on small and retail traders.
The country received 11.4 billion dollars FDI in January-June 2007, whopping 218 per cent jump over the same period last year. For the first quarter of the financial year 2007-08, the inflows were 4.9 billion dollars against 1.7 billion dollars showing an increase of 185 per cent.
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Nath said India follows one of the most liberal FDI policies in the world. "According to a world report on Freedom of economic activities, India ranks quite high among several Asian destinations," he said.
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