Months after it liberalised the foreign direct investment (FDI) rules for various industries, the department of industrial policy and promotion (DIPP) is now in the process of seeking comments from various ministries and departments on issues as diverse as the Delhi-Mumbai Industrial Corridor (DMIC), pharmaceuticals, real estate, railways, e-biz and the North East Industrial and Investment Promotion Policy (NEIIPP).
As many as 12 Cabinet notes have been drafted by the department and circulated to the respective ministries for their comments before the final policy is put in place.
?After relaxing the FDI routes and caps, we are working on proposals where a Cabinet nod is required. There are almost a dozen notes that we are in the process of circulating or have prepared,? said a DIPP official.
The latest note is on the proposed Amritsar-Delhi-Kolkata Corridor, which will require funds of about R5,749 crore from the Centre over a span of 15 years.
The note has been drafted in the backdrop of an inter-ministerial group report, which had recommended that the seven states from where the corridor passes will have to set up integrated manufacturing clusters in which 40% area would be earmarked permanently for manufacturing and processing activities.
On DMIC, the DIPP is seeking CCEA?s nod , whose Trust has approved nine projects entailing investments of R1.2 lakh crore.
?We need the CCEA’s nod on the Vikram Udyogpuri industrial townships, which will be developed near Ujjain in Madhya Pradesh. It has a sustainable economic base, primarily driven by industries integrated with institutional and supported by residential land use and commercial activities,? the official added.
The Cabinet note seeking to bring down the FDI limit in pharma companies making ‘critical’ drugs to 49% and putting foreign investment in such facilities on the approval route is awaiting the comments of the Planning Commission and the department of pharmaceuticals. The department of economic affairs is yet to comment on the note pertaining to easing FDI norms in the housing sector.
The note on the e-biz platform seeks to remove bottlenecks and simplify clearances and compliance processes for the industry for all business licences and permits.