ARTICLE · 19 JULY 2013

PM Orders An Inoculation Dose For FDI In 13 Sectors

Global Jurix, Advocates & Solicitors

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The UPA's restructuring bandwagon is continuing. Prime Minister Manmohan Singh on Tuesday untied the foreign direct investment (FDI) entrances in 13 sectors, a move that will expectantly show to be the mandatory panacea for the ailing financial system and the falling rupee.

IndiaGovernment, Public Sector

Global Jurix, Advocates & Solicitors

The UPA's restructuring bandwagon is continuing. Prime Minister Manmohan Singh on Tuesday untied the foreign direct investment (FDI) entrances in 13 sectors, a move that will expectantly show to be the mandatory panacea for the ailing financial system and the falling rupee. Sectors that saw recreation contains petrol and natural gas, insurance, defense production and basic and cellular services. The declaration was prepared after the PM met his cabinet colleagues in the evening.

In the fundamental and cellular services, the existing limit of 74% has been elevated to 100%. Of this, up to 49% is throughout the automatic road, while from 49% to 100% will be through the foreign investment promotion board. The Centre also permitted FDI in manufacture of state-of-the-art defense apparatus. "The restriction of 26% FDI in defense production through finance ministry's nod continues. The government strong-willed that any proposal in front of 26% where the project carried

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