India releases FDI policy first draft

New Delhi, Dec 24 (ANI): Union Commerce and Industry Minister Anand Sharma released the first draft of the Foreign Direct Investment policy and framework in a consolidated form here on Thursday.

Sharma said such a consolidation would ensure the availability of all information on the policy at one place.

He said this would lead to simplification of the policy, and would allow for greater clarity in foreign investment rules for foreign investors and stakeholders.

"We wanted this (FDI policy) to be consolidated and made available at one place so that investors, who had to shift through 177 notes, now, by reading a single document, can understand the FDI policy and regulations easily and clearly. This draft document, which we will be releasing, subsumes all the previous notes on the FDI policy - all the 177, " said Sharma.

Sharma further stated that the document would be posted on the Ministry's website and invite comments from investors and stakeholders up till the January 31, 2010. The queries and comments, he said, would be considered before the final document is drawn up.

"We are also posting the document on the website for consultations with stakeholders and investors, and inviting their comments and any clarification, if required, by 31st January of 2010, " said Sharma.

The move comes in the wake of Prime Minister Manmohan Singh's remarks at the World Economic Forum, where he said, "Our policy will be guided by the desire to make India even more attractive for Foreign Direct Investment." (ANI)