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Centre notifies 100% FDI in telecom sector via automatic route
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SME Times News Bureau | 07 Oct, 2021
The Centre on Wednesday notified 100 per cent inflow of foreign direct
investment into the telecom industry via the automatic route.
Accordingly,
Department for Promotion of Industry and Internal Trade, via 'Press
Note No 4 (2021 Series)' said the Centre reviewed the extant of FDI
policy on telecom sector and made amendment under the Consolidated FDI
Policy Circular of 2020.
Under the amendment, 100 per cent FDI
via the automatic route will be allowed into telecom services including
telecom infrastructure providers 'Category-I'.
In financial
parlance, under this route no prior permission from the Centre or RBI is
required by a foreign entity before making an investment.
Last month, the Union Cabinet allowed for 100 per cent FDI under the automatic route.
On its part, India Inc welcomed the move.
According
to Lt Gen Dr S.P. Kochhar, DG, COAI: "The FDI approval will help the
industry to build a robust telecom sector for new India. Through the
amendment in license agreements, telecom service providers will be eased
off the huge burdens of bank guarantees and will enable the
availability of more funding for the expansion of the telecom network
and build a 'Digitally Connected India'."
"Further, 'SACFA'
clearance based self-declaration will facilitate ease of doing business
and will help in the faster rollout of services to the citizens."
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