Business chambers welcome hike in FDI in telecom

NEW DELHI: The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indo - American Chamber of Commerce (IACC) has welcomed the decision of the government to increase the foreign direct investment in the telecom sector to 100 per cent.

According to a decision on FDI taken in a meeting chaired by Prime Minister Manmohan Singh, it had been decided to allow up to 49 per cent FDI by the automatic route for basic and cellular services etc., and from 49 per cent to 100 per cent through the Foreign Investments Promotion Board.

According to FICCI, the decision on enhancement of FDI limit in the Indian telecom sector from 74 per cent to 100 per cent is a positive sign and showcases government's commitment towards improving the current investment sentiment in the sector and aiding the telecom industry to recuperate from its debt issues. "Along with the National Telecom Policy 2012 and other necessary reforms, this pro-industry announcement will benefit the Indian economy and consumers in the long term," said FICCI president Naina Lal Kidwai.

Welcoming the proactive steps taken by the government to ease the foreign direct investment (FDI) norms in the country, primarily to stem the deteriorating current account deficit, Indo-American Chamber of Commerce (IACC) national president Shourya Mandal said, "These measures are inevitable against the backdrop of steep fall in the cross-country capital flows and subsequent heightened competition among the nations to attract the limited capital."

In a statement Mandal said, "Undoubtedly, we have to put in place a set of checks and balances to uphold our sovereignty and interest of the domestic industry, while attracting FDI. Our rules and regulations are framed taking cognizance of that factor. Unwarranted polemics on that count should be avoided to chase our goal of transforming ourselves into a developed country from an emerging economy."

Latest Reads
Ronaldinho begins esports journey with own cryptocurrency

Brazilian soccer legend, Ronaldinho, has released a personalised cryptocurrency with the help of World Soccer Coin (WSC).

Television TV Channels Sports
Sony Sab launches AIB-hosted activation ‘Finding Funny’

Sony Sab is launching a new and unique program ‘Finding Funny’ which aims to spread happiness and to find hidden talent.

Television TV Channels GECs
‘Kasauti Zindagi Kay’ season 2 to return on Star Plus

One of the love sagas by Ekta Kapoor, Kasauti Zindagi Kay is all set to hit the small screen after 17 years.

Television TV Channels GECs
AXN offers the best Reality shows in India

AXN, home to the best of English entertainment for the last 20 years

Television TV Channels English Entertainment
Make way for an epic love saga this monsoon on Zee Anmol

Two people - diametrically different in their thoughts and ideas, following different paths in life! What will happen when these two come together

Television TV Channels GECs
Paramount TV chief Amy Powell fired over alleged insensitive remarks

After 14 years, chief of Paramount TV Amy Powell has been fired over alleged insensitive remarks – which she has emphatically denied.

Television TV Channels People
A 'Colors'ful decade

It seems just like yesterday. How oft we have heard that phrase being spoken. So much so that it appears banal. However, in the case of Colors – the general entertainment channel from the now Reliance Industries majority-owned Viacom18 – it is so apt. 10 years have gone by since it started.

Television TV Channels GECs
ZMCL reports almost fivefold profit for Q1; DNA loss lower

The Essel group’s television news broadcasting arm Zee Media Corporation Ltd (ZMCL) reported a 386.3 per cent growth (almost five fold) in consolidated profit after tax (PAT) for the period ended 30 June 2018 (Q1 2019, quarter or period under review) as compared (year-on-year comparison, y-o-y) to...

Television TV Channels News Broadcasting
“We focus on digital to promote non-film music” - Vinit Thakkar

EMI Records India recently launched its own unique platform VYRL Originals which completed six months on 12 July. Every month, a single was released with the latest being Aaya Na Tu by Arjun Kanungo and Momina Mustehsan. EMI Records India was launched in May 2015 by Universal Music Group in...

Television TV Channels Music and Youth

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories