Highlights: FDI in insurance sector hiked to 49 per cent

The government today okayed a proposal to hike foreign direct investment (FDI) in telecom to 100 per cent from 74 per cent and in defence to 49 per cent from 26 per cent.

Here are the highlights from Commerce and Industry Minister Anand Sharma's press conference:

• There are some sectors where the FDI cap remains same but the route has changed
• Commodity exchanges, the existing proposal was 49 per cent through FIPB route, sectoral cap remains 49 per cent but from FIPB to automatic route
• Power exchanges the cap remains same,it will be automatic from FIPB route
• In petroleum and natural gas sector 49 percent from FIPB to automatic route
• Single-brand retail change that upto 49 per cent it will be under automatic route, beyong 49 per cent to 100 per cent will have to go through FIPB route
• Insurance FDI cap goes up to 49 per cent from 26 per cent through automatic route
• No change in civil aviation, airports
• Basic cellular services: existing 74 per cent, now: 100 per cent, till 49 per cent under automatic route.
• Defence production: For state of the art tech proposals in manufacturing , proposals beyond 26 per cent will go through CCS
• Multi brand retail: Decision under process