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Home > Business > PTI > Report
Govt may ease FDI norms for aviation, telecom, oil
April 22, 2003 20:58 IST
In an endeavour to promote foreign investment in crucial areas of economy, the Union Cabinet is likely to approve liberalised FDI norms in the aviation, telecom, and oil sectors, sources said. The proposals are largely based on the recommendations of the group of ministers on FDI, chaired by Finance Minister Jaswant Singh, sent to the Cabinet a day before the presentation of the Union Budget for 2003-04 on February 28. The GoM had recommended 100 per cent FDI in oil refineries and physical infrastructure in airports and 49 per cent FDI in airlines, besides 100 per cent FDI in the non-news scientific and technical journals. Accordingly, the Cabinet is also likely to consider enhancing the ceiling to 74 per cent in the telecom sector from 49 per cent at present.
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