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Decision on hiking FDI deferred

By Our Special Correspondent

NEW DELHI SEPT. 18. The Union Cabinet today considered the N.K. Singh Committee report on Foreign Direct Investment, which had suggested a raise in the FDI caps on various sectors, including civil aviation, telecom and insurance, but deferred a decision pending further discussion.

Briefing presspersons after the meeting, the Government's spokesperson said the report came up for discussion and it was decided that there was need for further discussion. Certain suggestions were made and the Ministries concerned would bring back the issue to the Cabinet after incorporating them.

However, official sources said the Government had taken a decision in principle to raise the FDI equity in the civil aviation and telecom sectors. It was likely that a formal decision was not taken as the Civil Aviation Minister, Shanawaz Hussain, could not attend the meeting as he is away from the Capital. The sources maintained that the formal decision to raise the cap might be announced soon. The Cabinet also considered a voluntary retirement scheme for the ONGC and BPCL employees and deferred a decision, again on the ground that more discussions were required.

The Cabinet, however, cleared a proposal to set up a special institute to streamline, regulate and develop the profession of actuaries in the wake of the increased need for qualified actuaries following the opening up of the insurance sector. A legislation would be brought before Parliament soon.

The new Institute of Actuaries of India would be on the lines of the institutions that are existing for the chartered accountants, cost and work accountants and companies, which were also set up through enactment of legislation by Parliament.

It also approved the cost for the completion of the on-going 1,020 MW Tala Hydroelectric project in Bhutan at a cost of Rs. 3,580 crores, of which Rs. 2,148 crores would be given as grant and the remaining Rs. 1,432 crores as loan.

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