New Delhi, July 2 (IANS) The Telecom Commission Tuesday approved 100 percent foreign direct investment (FDI) in the telecom sector.
A Department of Telecom (DoT) official said the department will send a detailed note to the Department of Industrial Policy and Promotion (DIPP), which will subsequently forward it to the cabinet for approval.
Raising the FDI limit from the current 74 percent will help in flushing fresh funds into the sector.
Of the 74 percent FDI allowed at present in the sector, 49 percent is done through automatic route and the rest after approval from the Foreign Investment Promotion Board (FIPB).
The Commission also discussed creation of Telecom Finance Corporation (TFC) to address the sector's funding challenges, and asked for a detailed project report on this.