Cabinet nod to easing of FDI norms

August 01, 2013 21:23

The government today approved liberalisation of FDI norms in a dozen sectors, including 100 per cent in telecom and higher caps in insurance and defence sectors, to boost the sagging economy.

Although a high-level meeting chaired by Prime Minister Manmohan Singh on July 16 had decided to relax foreign investment norms in several sectors, the proposals were formally approved by the Cabinet today, sources said.

The second wave of reforms comes within 10 months of the government opening floodgates of foreign investment in sectors like multi-brand retail and civil aviation.

In the contentious insurance sector, it was decided to raise the sectoral FDI cap from 26 per cent to 49 per cent under automatic route under which companies investing do not require prior government approval. A Bill to raise FDI cap in the sector is pending in the Rajya Sabha.

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