With an aim to attract more foreign investment in the country, the government has indicated that further liberalisation of the Foreign Direct Investment (FDI) policy may be done soon in key sectors, such as civil aviation, retail and telecom. Commerce and Industry Minister Anand Sharma has asserted that the government will continue its endeavour for liberalising the FDI Policy to ensure that India retains its leadership position for attracting foreign investments.
FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been liberalizing the foreign investment policy. The government has relaxed FDI norms in around 12 sectors, which include telecom, tea, pension and petroleum and natural gas. Meanwhile, despite the government's various efforts to increase FDI, foreign investments in April-October period of 2013-14 declined by 15 percent to $12.6 billion from a year earlier, which reflects the need to take more measures to improve the business situation in the country.
Referring to Indian manufacturing sector, Anand Sharma highlighted that with greater foreign investment and technology collaborations, Indian manufacturing sector will also move up the value chain and acquire greater competitiveness globally. The minister had expressed the need to boost manufacturing capability underscoring that India is not a country very much endowed with natural resources such as oil and gas, which are necessary for economic growth. Manufacturing sector, constituting around 75 percent share in IIP index, contracted by 0.3 percent during April-October’2013 as compared to the 1.1 percent growth in the same period of previous fiscal.
FDI is considered crucial for economic development of a country and to attract maximum FDI into the country, the government has been liberalizing the foreign investment policy. The government has relaxed FDI norms in around 12 sectors, which include telecom, tea, pension and petroleum and natural gas. Meanwhile, despite the government's various efforts to increase FDI, foreign investments in April-October period of 2013-14 declined by 15 percent to $12.6 billion from a year earlier, which reflects the need to take more measures to improve the business situation in the country.
Referring to Indian manufacturing sector, Anand Sharma highlighted that with greater foreign investment and technology collaborations, Indian manufacturing sector will also move up the value chain and acquire greater competitiveness globally. The minister had expressed the need to boost manufacturing capability underscoring that India is not a country very much endowed with natural resources such as oil and gas, which are necessary for economic growth. Manufacturing sector, constituting around 75 percent share in IIP index, contracted by 0.3 percent during April-October’2013 as compared to the 1.1 percent growth in the same period of previous fiscal.
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