New FDI guidelines in next 6-8 weeks: Kamal Nath

New Delhi, May 21: Commerce and Industry Minister Kamal Nath today said new guidelines on foreign direct investment (FDI) will be in place in the next six to eight weeks.

''We will have new FDI guidelines in 6 to 8 weeks,'' he said in reply to a question on the margins of a function here.

Various sectors of Indian industry have been clamouring for a new framework on FDI to take the country to newer heights of economic growth which witnessed an impressive 9.2 per cent in 2006-07.

On government's stand on apprehensions of restrictions being placed by United States on issue of H-1B visas to workers of Indian companies, Mr Kamal Nath, who had earlier taken a hard stance on the issue, said it is just one component on negotiations on trade in services in the World Trade Organisation (WTO).

Two US law makers had recently sought details about use of such visas granted to workers of nine Indian IT companies, including Infosys, Tata Consultancy Services and Wipro, leading to the fear that United States might curb issue of H-1B visas to Indian IT professionals.

Earlier, in the presence of Mexico's Economy Minister Eduardo Sojo during the function, the Indian Minister disclosed that India will take up the visa issue during Doha round of discussions in the WTO as it was a part of negotiations on trade in services which are already underway in the world trade body.

It, however, could not be ascertained what was the response of United States Trade Representative to Indian concerns on the US move during the G-4 meetings held in Brussels on May 17-19.

On the rising Rupee vis-a-vis US dollar, the Minister quipped; ''We will meet the industry representatives.'' He, however, did not give a time frame nor indicated if his ministry on its own could take measures to make India's exports more competitive.

UNI