Recently, the central government had announced to allow 100 percent foreign direct investment (FDI) in the telecom industry through the automatic route. Now the notification of this decision has also been issued. There are also some conditions in this notification for countries like China.
What are the conditions: The Department for Promotion of Industry and Internal Trade (DPIIT) said in a press note that Foreign Direct Investment (FDI) in Telecom Services will be completely dependent on the status of Press Note-3 of 2020.
In fact, under Press Note-3, an entity of a country whose land borders with India or the beneficiary of investment in India resides there or is a citizen of such country can invest only under the government route. Can do. This means that investors from neighboring countries like China, Sri Lanka need government approval before investing.
What were the rules till now: Till now only 49 percent of FDI in the telecom industry was allowed through automatic route and anything beyond that had to mandatorily go through the government route.
Let us tell you that recently the Central Government has taken many important decisions for the telecom companies burdened with the arrears of Adjust Gross Revenue. This includes a moratorium for paying AGR, besides other decisions including relief on the penalty. Vodafone-Idea and Airtel are expected to get the biggest benefit from these decisions of the government.
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