New push for foreign capital, divestment: Patil

June 4th, 2009 - 3:11 pm ICT by IANS  

Pratibha Patil New Delhi, June 4 (IANS) President Pratibha Patil Thursday said changes will be made to India’s foreign investment policy regime to attract more capital from overseas, even as the government will pursue divestment in state-run units without privatisation.
“The country has benefited from large foreign investment inflows in recent years,” Patil told the first joint session of parliament after the national elections and constitution of the 15th Lok Sabha, the lower house.

“These flows especially foreign direct investment need to be encouraged through appropriate policy regime,” the president said in the address, the first after the national elections that brought the United Progressive Alliance (UPA) back to power.

Patil also maintained that Indian citizens had every right to own a part of the shares in public sector undertakings, even as the government retained the majority control and holding in them.

“My government will develop a roadmap for listing and people-ownership of public sector undertakings while ensuring that government equity does not fall below 51 percent,” she said in her speech, outlining the agenda of the new government.

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