Union finance ministry is taking various steps to promote foreign investment, both foreign direct investment (FDI) and foreign institutional investment (FII) into the country.
Among the various steps being taken is the review of the policy on foreign direct investment and look at the possibility of relaxing the sectoral caps, as well as removal or simplification of conditions identified for every category. The ministry also asked for expediting the cabinet note on definition of control in the FDI policy.
Finance Minister P Chidambaram would visit foreign nations like Japan, Canada, America, Gulf countries in the coming days to take part in road-shows promoting India as an investment destination.
Besides, the finance ministry would undertake a comprehensive review of several unfulfilled announcements made in the earlier budgets and a list needing follow-up with other ministries would be given to the finance minister.
In another move, the ministry may tap various funds – sovereign wealth, pension and university – for boosting foreign investment in India. A country-wise programme would be made. The finance minister is planning a trip to the United Arab Emirates or Qatar at the end of this month, to sell the India story in the region.
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