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Parekh panel recommends increase in FDI in telecom to 100%
TT Correspondent |  |  04 Oct 2012

A high-level committee, headed by HDFC Chairman Deepak Parekh, has recommended increase in Foreign Direct Investment, or FDI, in telecom sector from 74% to 100%.

The report stressed on the issues and policies related to allocation, pricing and sharing of spectrum in telecom sector and observed that they must be resolved soon.

The panel also suggested that impediments such as delays in land acquisition and environmental clearances, taxation/GAAR-related issues and regulatory uncertainties need to be addressed urgently.

The committee was set up in November 2010 under the chairmanship of former RBI Deputy Governor Rakesh Mohan. The other members of this committee are R Gopalan (former Secretary, Department of Economic Affairs), D K Mittal (Secretary, Department of Financial Services), IRDA Chairman J Hari Narayan, PFRDA Chairman Yogesh Agarwal, RBI Deputy Governor Subir Gokarn, SBI Chairman Pratip Chaudhuri and LIC Chairman D K Mehrotra.

The panel which was asked to suggest ways and suggestions on reforms and existing policies  submitted its report to the prime minister Manmohan Singh. The whole exercise was focussed on generating Rs. 52 lakh crore for the infrastructure sector during 12th Plan period (2012-17).

"A time bound action plan with a view to improving the enabling environment for private investment which is expected to finance about 47 per cent of the projected investment during the 12th Plan", the committee noted.

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04 Oct 2012(IST)  
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