New Delhi, Dec 17: Government's concerted action to enhance Foreign Direct Investments (FDIs) into the country has borne rich fruit and the inflows should easily cross the $4 billion mark during 2000 as against $2.2 billion (excluding Global Depository Receipts) in 1999.The year saw the policy makers, in their commitment towards economic reforms and wooing in greater FDI, placing several items and activities under the automatic route for 100 per cent FDI, Non Resident Indian (NRI) and Overseas Corporate Body (OCB) investments.
Since the FDI inflows have already touched about $3 billion during the first eight months of the current year, Commerce and Industry Minister Murasoli Maran's optimism about a high level of FDI in comparison to the previous year cannot be considered misplaced.
Besides allowing FDI upto 100 per cent in oil refinery and business to business (B2B) E-commerce, the government this year removed the upper limit of FDI under automatic route for electric generation, transmission and distribution (except atomic power plants).
It has also done away with the dividend balancing condition in respect of 22 consumer goods industries.
(PTI)
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