No NSC warning on FDI to Govt: Kamal Nath

New Delhi, Nov 29 (UNI) The Government today denied that the National Security Council had advised it to exercise care in granting approvals to foreign capital investment in certain areas of the economy.

The denial came from Union Commerce and Industry Minister Kamal Nath in a written reply in the Rajya Sabha.

Meanwhile, the country received Rs 353,956 crore worth of Industrial Entrepreneur Memorandum (IEM) last year against FDI outflow of 2681 million U S dollars during 2005-06, Minister of State for Commerce and Industry Jairam Ramesh said in reply to another question.

Regarding a query over the level of FDI attracted by the country, the House was informed that FDI inflows in 2004 into China totalled 60,630 million U S dollars, Brazil attracted 18,166 million dollars while India received 5,335 million dollars.

"To attract more FDI into the country the Government has put in place a liberal and investor policy on Foreign Direct Investment under which FDI up to 100 per cent is permitted on the automatic route in most sector/activities," the Minister said.

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