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Jaitley holds review meeting of FDI policy in various sectors

The government has been considering liberalising the FDI regime to attract foreign investments in several sectors, including 100% FDI under the automatic route for the production in India of tanks, military aircraft.

business Updated: Aug 14, 2017 17:35 IST
Indo Asian News Service, New Delhi
Arun Jaitley,Defence minister,Finance minister
Finance minister Arun Jaitley. (HT File Photo)

Finance minister Arun Jaitley held a meeting with other ministers and government officials on Monday for a review of the current Foreign Direct Investment (FDI) policy, informed sources said.

Commerce minister Nirmala Sitharaman, power minister Piyush Goyal, Niti Aayog CEO Amitabh Kant and external affairs minister Sushma Swaraj attended the meeting, the sources said.

The official refused to give any details of the meeting.

The government has been considering further liberalising the FDI regime to attract foreign investments in various sectors, including 100% FDI under the automatic route for the production in India of tanks, armoured vehicles and military transport aircraft.

Allowing 100% FDI in single brand retail through automatic route is also said to be under consideration.

Currently, 49% is allowed through automatic route and investments above that have to meet the condition of 30% local sourcing though companies bringing in state-of-the-art technology have been given a relaxation from the proviso of local sourcing for a period of three years.

Increasing the FDI limit from 26% to 49% in print media is also said to be under consideration.

In 2016-17, the FDI inflows had hit a record $60.1 billion after the rules were relaxed in June 2016.

The government last year eased the foreign investments in aviation and defence up to 49% by automatic route and 100% through government approval. Seventy-four per cent FDI in pharmaceutical sector was allowed through the automatic route.

First Published: Aug 14, 2017 17:35 IST