India refuses to increase FDI cap

Victoria
By Victoria July 5, 2013 14:53

India refuses to increase FDI cap

The Indian Ministry of Civil Aviation has flatly refused a proposal of the Ministry of Commerce & Industry to increase the FDI cap in scheduled airlines to 74% from the current 49%. The ministry said that it was still “testing waters after permitting foreign airlines to invest up to 49% in scheduled Indian carriers in September last year” and that they have turned down the DIPP proposal.

The ministry has however agreed to a proposal to allow up to 100% FDI in non-scheduled air service operators (NSOPs) under the automatic route in the general aviation sector. This would allow foreign companies to own private aircraft registered in the country without having to seek approval of FIPB.

Victoria
By Victoria July 5, 2013 14:53
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