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We must move faster to attract FDI THIS has reference to the editorial
“Rebuilding assets: A belated positive decision on FDI” (Nov 22). Asset reconstruction companies can have a 49 per cent ceiling on foreign direct investment (FDI) as suggested by the RBI instead of 74 per cent as suggested by the Finance Ministry. Foreign Institutional Investors (FIIs) have been barred from equity participation in companies buying non-performing assets, though their entry would have broadened the bond market. The latest decision suggests that the reforms are back on the track. The US and the UK companies are interested in real estate, banks, credit market and financial services, including the asset reconstruction section. India has to move faster to attract FDI, which is at present 10 per cent of that attracted by China. At least for sectors where the Left Front’s opposition is vehement, the Centre will have to more aggressively open up sectors to
FDI. VINOD CHOWDHURY,
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