The industry and the finance ministries are in consultation to expand the scope of NBFCs which is likely to include activities which involve minimum risk for the investor and public at large. One such area is credit activity -- credit cards. Forex broking was added on the list of activities recently.

Sources said that with the de-licensing of coal, lignite and petroleum products, the government may evolve a more liberal policy soon on foreign investment in these areas.

The infrastructure sector including ports and highways may be opened up on the lines of the recently-announced policy on power. Power proposals inviting foreign investment of 100 per cent upto Rs 1,500 crore are cleared under the automatic route and thus do not need FIPB clearance. "The cap in other infrastructure sectors say ports may be on the amount of investment, and not on equity", which may then be cleared through the automatic route. Though foreign investment up to 100 per cent is already allowed in ports right now, it may be now through automatic approval. However, sources said airports will be governed by the civil aviation policy. The latest initiative comes close on the heels of the government's plans to step up FDI inflows into key areas as well as open up more sectors by revising the automatic list of approvals. Computer hardware and software, in which foreign investment up to 51 per cent is permitted, may be allowed to increase the level up to 74 per cent. "The limit in other areas may go up to 74 per cent, but not 100 per cent", sources said. The areas for FDI under consideration include agriculture and allied activities, non-conventional energy areas, bio-technology andintegrated townships or housing. Most of these have to be opened up with proper safeguards. The industry ministry had written to all the ministries to suggest areas for further liberalisation.

It has received comments from most of these ministries based on which a preliminary note has been drawn up.