Govt may lift cap on foreign equity

Govt may lift cap on foreign equity

NANGUNERY, (TN), FEB 11: The Government will soon lift sectoral caps for foreign equity to attract $10 billion annual foreign direct investment flows, announce a package of incentives for Special Economic Zones and fix higher than 18 per cent growth target for next year in the face of surging exports.

Setting at rest reports of opposition on lifting sectoral caps on foreign equity in non-strategic areas, Commerce and Industry Minister Murasoli Maran said the Group of Eight Economic Ministers headed by Prime Minister Atal Bihari Vajpayee had asked him to prepare a cabinet note on it which would be ready in the next few days. Talking to reporters on the sidelines of a function to lay the foundation stone for India’s first Special Economic Zone here, Maran said “we have given a package of benefits to be provided to Yashwant Sinha for consideration. I would not say anything more as it had budgetary implications.”