Finance Minister P.Chidambaram has stated that India could lift
Foriegn Direct Investment caps on various sectors by the 3rd
week of July,2013.
The foriegn institutional investors have sold $6.2 billion worth
of stocks and bonds in this month so far,depreciating the rupee
further and hitting share prices.
The Mayaram panel has recommended raising FDI caps in
various sectors including multi-brand retail upto 74%,
Defence production to upto 49%,
Telecom to upto 100% _and Pension and Insurance sectors
are also in the list.
Whether these measures being implemented at the dictates of
the Multinational Companies and other foriegn powers are going
to stabilize the Indian economy which has already gone down as
the GDP 5% and the rupee to record all time low of 59.98 against
dollar is to anybody’s guess.