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PM to consult senior ministers over introducing FDI in domestic aviation | | The Prime Minister, Dr. Manmohan Singh, is likely to consult senior ministers of his cabinet on ways to build a
consensus on the contentious issue of allowing foreign airlines to invest in domestic carriers. The Department of Industrial Policy and Promotion (DIPP) have reportedly
moved a final cabinet note on the issue. Dr. Singh is likely to hold consultations
with Finance, Commerce and Home Ministers, besides, Railways Minister Mukul Roy,
who is from the Trinamool Congress (TMC), a key ally in the UPA Government," they
said. The TMC had forced the government to put on hold the decision to allow 51
per cent foreign direct investment (FDI) in multi-brand retail. Finance Minister
Pranab Mukherjee in his Budget speech had said that a proposal to allow foreign
airlines to participate with up to 49 per cent in the equity of an air transport
undertaking, engaged in operation of scheduled and non-scheduled air transport
services, is under active consideration of the government. At present, India allows
foreign investors, not related in any way to airline business, to buy up to 49
per cent stake in domestic airlines, but foreign carriers are not permitted to
invest in them.
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