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Monday, May 10, 2010 (21:45:43) |
| Tags : India, Foreign Direct Investment, Cigarette Manufacturing |
Government notifies ban on FDI in cigarette manufacturing |
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| New Delhi, May 10: The Indian government today notified the ban on foreign direct investment (FDI) in cigarette manufacturing.
A decision in this regard was taken by the cabinet committee on economic affairs last month.
"Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes have been put under the lists of the sectors where FDI is prohibited," an official statement said here.
Earlier, the government had allowed 100 percent FDI in cigarette manufacturing, with prior approval of Foreign Investment Promotion Board and also subject to obtaining an industrial license under the Industries (Development & Regulation) Act, 1951.
The amendments have been made in the Consolidated FDI Policy, dated March 31, by the department of industrial policy and promotion.
The decision, effective immediately, has been taken by the Indian government to promote anti-smoking measures in the country.
Prior to this, the government had banned smoking at public places and put a curb on tobacco advertisements. (IANS) |
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