The Hindu Business Line : Kamal Nath stays mum on Press Note 18

The Minister for Commerce and Industry, Mr Kamal Nath, failed to announce what prospective foreign investors attending the India Economic Summit here would have liked to hear most. More so when the policy amendment, which would have been music to their ears, was prefaced earlier in the day by a top bureaucrat in his Ministry.

What has been a stumbling block for fresh investment, and which has been chorused by a number of prospective foreign investors, are the provisions of Press Note No. 18. The notification issued by the Ministry of Industry some years ago to safeguard the interests of domestic companies entering into joint ventures with foreign collaborators states that if the foreign partner wishes to make fresh investment on its own in the same line of business as that of the existing joint venture, it has to furnish a `No objection certificate' (NoC) from the domestic partner.

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