India Panel Said to Back Looser FDI Caps Amid Record Deficit
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An Indian Finance Ministry panel has recommended easing foreign investment rules in more than a dozen industries to help fund a record current-account gap, according to three government officials with knowledge of the matter.
Overseas investors would be able to own all of a telecommunications company under the proposals, up from 74 percent, with the ceiling for retail chains selling multiple brands rising to 74 percent from 51 percent, the officials said, asking not to be identified as the information isn’t public. The defense cap would rise to 49 percent from 26 percent, they said.