labels: industry - general
New FDI policy likely by month-end news
11 September 2007

Mumbai: The government will announce changes in foreign direct investment (FDI) policy by the end of this month. The focus will be on sectors that generate maximum jobs, union commerce and industry minister Kamal Nath said.

"We are in the process of consultation among ministries, and I think in the course of this month the policy will be announced," he said.

The government is looking at how FDI can be used in generating employment. This would be the driving force of all policies, he said.

He said the issue of retail entry of big companies need to be considered by the ministry of consumer affairs. Sources, meanwhile, said the commerce ministry is awaiting a report from the ICRIER on the implications of FDI on small and retail traders.

The country received $11.4 billion in FDI in January-June 2007, a whopping 218 per cent jump over the same period last year. For the first quarter of the financial year 2007-08, the inflows were up 185 per cent at $4.9 billion against $1.7 billion for the same period last year.

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New FDI policy likely by month-end