New Delhi:
Prime Minister Manmohan Singh has countered recent criticism of policy paralysis by announcing a slew of reforms, most of which have been slammed by the government, but welcomed by industry. Here's what's been cleared:
- Government clears 51% Foreign Direct Investment (FDI) in multi-brand retail - Foreign super-chains like Walmart can now sell directly to Indian customers. The plan was cleared last year but was suspended after adamant opposition by Congress ally, Mamata Banerjee.
- Government allows foreign airlines to buy into Indian carriers - Foreigners can own upto 49% of the airline. Earlier, all foreign investors except airlines could buy stake in Indian airlines. The reform will provide a new source of funding for the country's debt-laden airlines.
- Cabinet raises the FDI cap on various streams of broadcast services by up to 74 per cent.
- Government clears stake sale in four Public Sector Units (PSUs) - Oil India Ltd, Hindustan Copper, National Aluminium Company (Nalco) and MMTC.
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