CCEA-2NDLD FDI 2LST

Under the new dispensation, only foreign investment will
be considered while deciding whether the project will be put
up before CCEA, against the earlier practice of taking into
account the total project cost.

Now foreign investors need not seek fresh approvals from
the government or FIPB in sectors which have been transferred
to the automatic route or where FDI caps have been removed.
Welcoming the Thursday's CCEA decision, industry body
FICCI said "this would cut down the time taken to start
operations in India significantly and would improve further
the global ranking of India in terms of starting a business
unit in our country."
Despite the global slowdown, India has been attracting
FDI, recording 13.2 per cent increase in December at USD 1.54
billion against USD 1.36 billion in December 2008.
"Keeping in view this momentum, it is quite likely that
the total inflows in the current financial year (2009-10)
exceed the total inflows received during the last financial
year (2008-09)," Sharma said.
The FDI equity inflows during April-December of this
fiscal was about USD 21 billion over USD 21.15 billion the
previous fiscal. The inflows were USD 27.3 billion in 2008-09.
He further said the ministry has received good response
from domestic and international investors on the proposed
compandium of FDI framework aimed at simplifying and
rationalising the foreign investment policy.
The compandium will be released on March 31. PTI RR
MYR


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