FDI policy to be review

The Cabinet is likely to consider a proposal to review the foreign direct investment policy in the next 10 days that may suggest liberalizing norms in many sectors such as aircraft maintenance and commodity exchanges.
Kamal Nath said he would take the proposal to the Cabinet in the next 10 days. He, however, ruled out reviewing the policy on FDI in retail sector.
The present dispensation does not allow FDI in multi-brand retail, though 51 per cent foreign stake is allowed in single-brand ventures. Besides aircraft maintenance and commodity exchanges, the policy revision may also touch other sectors such as real estate.
Nath said generation of jobs would guide the policies not only in regard to FDI in retail but also for boosting the labour-intensive export sectors. Without dismissing exporters' body FIEO's assessment of eight million job losses in export- oriented units, Nath said the government would take steps to ensure that employment is not impacted.