The Government may soon take a decision on easing FDI in Railways and Defence sectors, with the Department of Industrial Policy and Promotion awaiting final comments from the concerned ministries to put these proposals for consideration of the Union Cabinet.
"The CCEA has approved the 49 per cent FDI in insurance and the Cabinet notes for Railways, Defence are under the final consultative process. Once we get the final comments, we will put them up to the Cabinet for approval shortly," DIPP Secretary Amitabh Kant said on the sidelines of the CII Invest North Summit here on Thursday.
The Government proposes to hike the foreign direct investment (FDI) ceiling in the sensitive defence sector to 49 per cent from 26 per cent, ensuring control in Indian hands, for boosting domestic industry of a country which imports up to 70 per cent of its military hardware. Besides, it also plans to ease FDI norms for the cash-starved Railways.