Dedicated To Mumbai
Home > Business & Investment > PM likely to chair meeting on FDI roadmap tomorrow

PM likely to chair meeting on FDI roadmap tomorrow

Monday, June 20, 2016
By A Business Reporter

The Prime Minister's Office has convened a meeting on June 21 to deliberate upon a roadmap for further easing FDI norms to attract more foreign investment. "Prime Minister Narendra Modi is likely to chair the meeting in which officials from ministries, including Commerce and Industry, Finance and Home Affairs, would participate," sources said.

The meeting assumes significance as the government is considering relaxing FDI norms in more sectors, including existing pharmaceutical companies. The Department of Economic Affairs has proposed that FDI up to 49 per cent should be allowed in existing pharmaceutical companies through the automatic route and anything beyond through approval of the Foreign Investment Promotion Board (FIPB).

FDI in the sector is a contentious issue as concerns have been raised over mergers and acquisitions of Indian pharma companies by foreign giants. The Department of Industrial Policy and Promotion (DIPP) has also proposed complete ban of FDI in tobacco sector. The proposal was supported by the Finance and Health Ministry but Niti Aayog has raised certain issues. According to sources, the other sectors which may see some kind of policy tweaking include single brand retail and food processing.

Last year, the government relaxed FDI norms in about dozen sectors at one go including defence, retail and construction development. Steps have also been taken to improve business climate of the country by promoting ease of doing business. FDI in the country has touched an all time high of USD 40 billion in 2015-16.

Foreign investment is considered crucial for India, which needs around USD 1 trillion for overhauling its infrastructure sector such as ports, airports and highways to boost growth. A strong inflow of foreign investments will help improve the country's balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar.

No Comments Posted
City news
The mesmerizing Powai lake has slowly turned into
Film-maker Megha Ramaswamy has, in her own way, ...
The state cabinet yesterday exercising powers ves
I am a 26 year old girl studying abroad. I fell i
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You will be able to recover your dues and also gain from unexpected sources, thereby helping build a strong foundation for your business. Go ahead with plans. New developments may also actually propel you to a position of importance. A trip undertaken will work out well.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)The cards advise you to wait and pause. The path to happiness is to take responsibility for whatever you deal with. Do not be in a tearing hurry. Taurus will temper you down. Avoid Gemini and their speed. Your card for the week is Tarot key no: IV; The Emperor. You will have the power to change things and responsibility to impact lives. Discover your place as a leader of men. Rational perspectives will pay rich dividends.
- Advertising -
Chef Harpal Singh Sokhi discusses his culinary pu
“Pursue your dream, but never neglect your educat
Nishek Jain, Founder of Culinary Marvel- 29 (owin
Read More