New FDI policy to be ready in two weeks

New Delhi, Aug 31 (UNI) The government today said that the Foreign Direct Investment (FDI) policy was undergoing the 'streamlining process' and would be ready in the next two weeks.

''On FDI, currently streamlining is under process, and within two weeks we should be able to bring in something," Commerce and Industry Minister Kamal Nath told reporters on the sidelines of a textile summit.

During the first quarter of 2007-08, the FDI inflows have been 4.9 billion dollars as against 1.7 billion dollars received during the corresponding quarter of 2006-07, registering a growth of more than 185 per cent.

While the first six months of the current calendar year (January-June 2007) have also seen FDI inflows worth 11.4 billion dollars as against 3.6 billion dollars received during the same period in 2006, clocking an impressive growth of 218 per cent.

Earlier Mr Nath had said that ''India's FDI policy was the most liberal in the world. After gaining experience in matters relating to FDI inflows where certain anomalies and shortcomings were found, the time had come to iron out these inefficiencies (in the policy), besides incorporating new areas of investments in it.'' UNI