Govt easing FDI rules to ‘appease’ foreign companies: Congress

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Published: November 10, 2015 7:28:51 PM

The Congress on Tuesday branded the recent ease in Foreign Direct Investment (FDI) in 15 sectors as the government's attempt to 'appease' foreign companies, ahead of Prime Minister Narendra Modi's visit to the United Kingdom.

The Congress on Tuesday branded the recent ease in Foreign Direct Investment (FDI) in 15 sectors as the government’s attempt to ‘appease’ foreign companies, ahead of Prime Minister Narendra Modi’s visit to the United Kingdom.

“It may so have happened that some kind of deal would have been done with the foreign companies, of the kind of concessions they would be given before the Prime Minister visits England, because he is not being welcomed there,” Congress leader Sandeep Dikshit told ANI.

“That is why the government has bent and have given foreign companies the kind of entry they wanted in the country,” he added.

Dikshit further said that the action raised a suspicion that the Prime Minister worries more about the foreign companies than the interest of his own country.

In a bid to speed up growth, the government on Tuesday eased foreign direct investment norms in 15 major sectors, including mining, defence, civil aviation and broadcasting.

Government also increased the financial power of the Foreign Investment Promotion Board to give single window clearance for investment projects up from Rs 3,000 crore to Rs 5,000 crore.

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