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Mr. Kamal Nath, Minister of Commerce and Industry |
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Commerce
Ministry Releases Foreign Direct Investment (FDI) Policy Update
The Government of India has recently undertaken a comprehensive
review of the Foreign Direct Investment policy (FDI) and released
a Compendium on April 19, 2006 updating its various aspects.
As a result of the review, a number of rationalistion measures
have been undertaken, which include, dispensing with the need
of multiple approvals from Government and/or regulatory agency
that existed in certain sectors and also allowing FDI in new
sectors. |
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The policy document
gives an overview of the FDI policy. In the sectors listed in
the statement, FDI is allowed only in the indicated activities
subject to the equity limits and/or other conditions, as indicated.
FDI in all sectors/activities is subject to sectoral guidelines
and requirements. FDI is not permitted in retails trade (except
single brand product retailing): lottery, gambling and atomic
energy. In the remaining sectors/activities FDI up to 100 percent
would be allowed on the automatic route.
Summarizing India’s take on FRI Mr. Kamal Nath, Minister
of Commerce and Industry in his foreword said, “ Foreign
Direct Investment (FDI) plays an important role in the long-term
economic development of a country not only as a source of capital
but also for enhancing competitiveness of the domestic economy
through transfer of technology, strengthening |
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infrastructure,
raising productivity and generating new employment opportunities.
FDI also has an important role in enhancing exports. We in India
see FDI as a developmental tool.
The policy of the Government of India is to strive to maximize
the developmental impact and spin-offs of FDI. While the Government
encourages, and indeed, welcomes FDI in all the sectors where
it is permitted, we are especially looking for large FDI inflows
in the development of infrastructure, technological upgradation
of Indian industry through ‘greenfield’ investments
in manufacturing, and in projects having the potential for creating
employment opportunities on a large scale.
We also invite investments in setting up Special Economic Zones
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establishing manufacturing
units therein.
India has consistently been classified as among the most attractive
investment destinations by a slew of reputed international rating
organizations.
With its highly skilled and cost-effective manpower, it offers
immense opportunities not only for Business Process Outsourcing,
but increasingly for the higher end of the value chain in Knowledge
Process Outsourcing and Engineering Process Outsourcing. In
order to further improve the investment climate, a major rationalization
of the FDI policy and associated procedures was recently undertaken
by my Ministry.
For the Policy Document visit
www.dipp.gov.in |
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| Visit of NDC Team |
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the Indian National Defence College, New Delhi, visited Australia
from 22-26 May. The team led by Air Vice Marshal Gurpreet Kochar,
Senior Directing Staff of the College, comprised eleven officers
from Indian Armed Forces and Civil Services and three foreign
officers (from Sri Lanka and the USA). The team met the High
Commissioner and other officials of the Indian High Commission,
and also interacted with the Vice Chief of Defence Force, Chief
of the Air Force and visited various defence organizations and
agencies/companies in Canberra, Sydney and Melbourne. |
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Such interaction
is a useful part of the understanding and cooperation between
the two countries. An Australian Defence College team will visit
India on a similar study tour.
The NDC is a prestigious institution that was established in
1960 for imparting training to senior military andcivilian officers
covering strategic, scientific, industrial, economic and political
aspects of national defence. |
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Officers from (the
military and civil services of) other friendly countries also
participate in the course at the College. Over the years, the
NDC has had many distinguished alumni.
Australia has had an enduring relationship with the NDC. Many
of its graduates have risen to the highest echelons of the Australian
Defence Force including General Peter Cosgrave, AC, MC, who
retired as the Chief of Defence Force (CDF) last year. |
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Visit
of NASSCOM Delegation |
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An
Indian delegation from the National Association of Software
and Service Companies of India (NASSCOM) visited Sydney, from
9-12 May 2006. The delegation led by Mr. Krishnakumar Natarajan
of Mindtree Consulting, comprised of 10 Indian companies in
the IT sector and participated in the CeBIT exhibition (9-11
May). |
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During the delegation’s
visit, an Australia India Information Technology Business Partnership
Luncheon was organized by the Australia India Business Council
(AIBC), Australian Information Industry Association (AIIA) and
the Department of State and Regional Development, NSW on Friday,
12 May 2006. The event’s chief sponsor was Invest Australia.
The keynote address at the luncheon was delivered by Senator
the Hon. Helen Coonan, Minister for Communications, Information
Technology and the Arts of Australia.
A networking session and discussions on ICT industries were
also held during the visit.
NASSCOM has an Australian Chapter in Sydney, and has an MoU
with Australian Information Industry Association (AIIA). |
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