FDI in rail, construction awaiting final cabinet nod: Sharma

Commerce and industry minister Anand Sharma today said his ministry has cleared a cabinet note on allowing foreign direct investment (FDI) in the railway and construction sectors and the proposal is awaiting final clearance by the cabinet.

"Yes, we have cleared the cabinet note on the FDI proposal in the railway and construction sectors," he said at a function in Mumbai.

"As far as my ministry, the nodal ministries and others are concerned, we have completed all the processes. The proposal will take a final shape soon," he added.

Sharma was in Mumbai to sign MoUs with the state government and other stakeholders for the Delhi Mumbai Industrial Corridor project.

Maharashtra chief minister Prithviraj Chavan today launched the Delhi-Mumbai Industrial Corridor (DMIC) project, which will speed up the movement of industrial and agriculture goods produced in the state.

The function saw the signing of the state support agreement (SSA) and shareholders' agreement (SA) for the first phase of the project.

In the first phase an investment of about Rs17,500 crore would be made in the state.

The department of industrial policy and promotion had proposed relaxation of FDI norms in the construction sector and 100 per cent FDI in the railway sector.

"We hope liberalisation of FDI in both the sectors will be a major step," Sharma said.