New Delhi: April 21, 2005:
NRI Press
The Minister of State (Independent charge) for Overseas
Indian Affairs, Shri Jagdish Tytler told the Rajya
Sabha today that the Government has put in place a
liberal and transparent FDI policy (which covers investment
by overseas Indians) under which FDI upto 100% is
allowed under the automatic route in most sectors.
Proposals requiring prior Government approval are
considered by the Foreign Investment Promotion Board
(FIPB) in a time bound manner. Government is also
working with State Governments to promote investment
by overseas Indians by developing and offering specific
projects to them.
Replying to a question by Smt. Kum Kum Rai Shri
Tytler further said that the FIPB has approved 47
proposals for NRI investment and technology collaboration
amounting to Rs.1068.66 crores during April, 2004
to Feb., 2005. Of these 12 are in Maharashtra, 8 in
Karnataka, 3 in Punjab, 8 in Tamil Nadu, 4 in Delhi,
2 in Gujarat, 6 in Andhra Pradesh and one each in
Kerala, Assam and Uttar Pradesh.
