PARLIAMENT IS BEING DELIBERATELY BYPASSED
Nantoo Banerjee
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2013-06-28 09:53
Dollar shortage seems to have driven the government at its wits’ end. Otherwise, how could the government leave the task of making its intention public with a senior finance ministry bureaucrat regarding sweeping changes it plans to bring about in foreign equity control in Indian enterprises, all through the automatic route. The master-plan towards a new foreign direct investment (FDI) policy regime prepared by the finance ministry seeks to allow foreign equity up to 74 per cent in almost all areas of industry and trade, including highly sensitive telecommunications, banking, insurance, drugs and pharmaceuticals, multi-brand retailing and defence manufacturing.