Govt ups FDI limit in telecom to 74%

NEW DELHI: The Government has cleared the proposal to hike FDI cap in telecom sector to 74 percent from the current 49 percent. In the last budget, the government had announced that FDI cap would be hiked in telecom, civil aviation and insurance sectors.

Bharti has welcomed the government's move to increase the FDI limit. In a statement issued by the company, Bharti Tele-Ventures joint MD Rajan Bharti Mittal said, "We welcome the government's decision to raise the FDI cap to 74 percent in telecom. With increased foreign capital now being allowed, this would provide the Indian telecom industry the much-needed impetus to deliver on its ambitious target of reaching between 200 to 250 million-phone connections over the next three years. From an end customer point of view as well, it would also drive faster accessibility to what the world has to offer in the latest in telecom technology."