An inter-ministerial group ( IMG) has suggested that foreign direct investment (FDI) cap in existing pharmaceutical ventures be lowered to 49% from 100% to check takeover of local companies by multinationals, a move which has now been referred for a second opinion to the Planning Commission amid protests from foreign players.
Sources in the government told TOI the panel comprising representatives from the health ministry and pharmaceuticals and industry departments had recommended that in case of brownfield ventures, not only should FDI be capped but these investments should also be approved by the government.
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