Decision on FDI in new sectors hailed

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Relaxation of Foreign Direct Investment (FDI) norms in sectors like media, aviation and insurance to attract more overseas investment will create a level-playing field and make India investment destination, according to ICAI central council member D. Prasanna Kumar. He said this would improve country’s balance of payments situation and strengthen the rupee value against global currencies, especially US dollar.

Speaking at an interactive seminar on post-budget analysis organised by the AP Chamber of Commerce and Industry Federation on Monday, he lauded the government’s pro-MSME announcements and exuded the confidence that the incentives and easy accessibility of loans would bring stability and propel the growth.

Federation zonal chairman Pydah Krishna Prasad said the proposals were growth-oriented with a lot of new reform. Vice-chairman Sudhir Mulagada said while revising its fiscal deficit target to 3.3%, the government proposed strategic disinvestment of select central public sector enterprises. AP Chambers vice-president K. Kumar Raja, taxation sub-committee chairman Vayetla Srinivasa and others spoke.

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