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Thursday, Sep 19, 2002

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Cabinet defers move on hiking FDI cap

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NEW DELHI, Sept. 18

THE Union Cabinet on Wednesday deferred a decision on hiking FDI limits in telecom, domestic airlines and insurance sectors as per the recommendations made by the Group of Ministers (GoM) on foreign investment.

An official spokesperson said the proposal moved by the Industry Ministry in this regard would be taken up for further consideration at the next meeting of the Cabinet. The deferment is attributed to the absence of some key Union Ministers at the meeting.

Meanwhile, the Cabinet had approved the setting up of an Institute of Actuaries of India, a statutory body to streamline, regulate and develop the profession of actuaries on healthy lines, the spokesperson said.

With the advent of new insurance companies in India, the need for qualified actuaries has increased. Every insurance company shall have "appointed actuary'' as per the Insurance Regulatory and Development Authority (Appointed Actuary) Regulations, 2000.

The Cabinet also approved the completion cost of the 1020-MW Tala Hydroelectric Project in Bhutan at Rs 3,580 crore with 60 per cent (Rs 2,148 crores) as grant and 40 per cent (Rs 1,432) crore as loan, he said.

The project when completed will provide 1020-MW peaking power to the Eastern Grid of India and 3962 million units of electricity annually. The project is expected to be commissioned before September 2005.

It also gave its ex-post-facto approval on the agreement between India and Kazakhstan on the setting up of a Joint Working Group for combating international terrorism and other types of crimes.

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