Government to fix FDI policy issues of different sectors

The Dollar Business Bureau

In a bid to give fillip to “ease of doing business” in India, the government is taking note of the policy-related problems existing in different sectors even after liberalising the norms of the foreign direct investment (FDI).

The concern was raised by Department of Industrial Policy and Promotion (DIPP) which highlighted specific issues related to infrastructure and taxation that require attention despite the government approving changes in the FDI regime earlier this year. The reforms that have been implemented so far include allowing 100% inflow in civil aviation and food processing sectors while easing norms in defence and pharmaceuticals.

In addition, the government has paved way for 100% FDI under the automatic route in different wings of the broadcasting carriage services, including teleports, direct-to-home, cable networks, mobile TV and Headend in the Sky (HITS) broadcasting service.

The information was shared on the lines of the India-Japan Business Co-operation Committee which shed light on improving the business climate with the government putting tremendous stress and thrust for enhancing the same.

According to Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP), these steps are very important to boost the “Make in India” regime with the government working overtime to bring about a business-friendly environment in the last two years.

He also talked about the implementation of the goods and services tax (GST) saying the government is all set to implement the reform next year with all necessary steps being taken in that direction. He emphasised on the new tax regime bringing a level-playing field for all the manufacturers leading to a significant impact on the economy.