Views of Ministry of Home Affairs (MHA) and defense will be sought over allowing 100 percent foreign direct investment (FDI) in telecommunication sector, CNBC-TV18 reports quoting government sources.
Today a panel headed by Arvind Mayaram suggested that 100 percent FDI should be allowed under the FIPB (foreign investment promotional board) route as against 74 per cent. The panel wanted the government to retain 49 per cent FDI under automatic route in the telecom sector.
Sources from Department of Telecommunication (DoT) said that telecom commission will consider FDI hike proposal for the sector in the next meet which is scheduled on July 2.
Apart from defense and MHA views of National Security Council will also be requested. Government sources said that 100percent FDI proposal may need to be taken to empowered group of ministers. Telecom being one of the most crucial national infrastructures, view of security agencies will be essential for discussing 100 percent FDI in the sector.
Also read: EGoM likely to meet on June 26 to discuss spectrum auction
It must be noted that earlier security agencies had opposed hiking FDI limit for the sector from 49 percent to 74 percent. In August 2012, Deepak Parekh panel had also suggested 100 percent FDI in telecom sector, but it was not supported by the department of telecommunication at that that time.
In a recent presentation to the DoT, GSM lobby group Cellular Operators Association of India (COAI) has also pitched for 100% FDI in the telecom sector. It has pointed out that the sector is mired in Rs 1.86 lakh crore of debt and has accounted for a mere 8% of total FDI inflows into India in 12 years between 2000 and 2012.
Welcoming the proposal of hiking FDI limit for telecom, Sunil Bharti Mittal, Chairman of Bharti Airtel said, "I think the country needs more FDI and any where the country can invite FDI, it is welcome. Where the level should be, is for the people responsible for the same sector to decide. But by and large I would endorse the idea of liberalising the caps with respect to FDI."
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