The country received foreign direct investment (FDI) of over $9.79 billion since 2014-15 in the telecom sector, Parliament was informed today.
As per the Department of Industrial Policy and Promotion (DIPP), FDI equity inflows in telecom sector between financial years 2014-15 and 2016-17 and April-May 2017 totalled $9,790.40 million, Minister of State for Electronics and IT P P Chaudhary said in a written reply to the Lok Sabha.
The FDI inflow in 2014-15 was $2,894.94 million, $1,324.40 million (2015-16), $5,563.69 million (2016-17) and $7.36 million (April-May 2017), he added. The minister said the government is taking initiatives to promote manufacturing in the telecommunication sector in the country.
"Electronics and telecommunications manufacturing is one of the 25 focus sectors of the Make-in-India programme, which seeks to transform India into a global design and manufacturing hub," he said. FDI up to 100 per cent is allowed in the manufacturing of telecom products under the automatic route, he added.
This comes a week after Communications Minister Manoj Sinha said "corrective steps" would be taken by the government to ensure orderly growth of the telecom sector, after he met representatives of telecom companies here on Thursday.
"The necessary corrective steps will be taken by the government for ensuring orderly growth in the sector in terms of services to the common man, including in rural areas," the minister told reporters after a two-hour meeting. He said an inter-ministerial group (IMG) is examining systematic issues affecting viability and repayment capacity in telecom sector and the panel would soon furnish its recommendations for resolution of stressed assets.
With inputs from PTI