The Group of Ministers on Foreign Direct Investment has recommended that the proposal to allow 100 per cent foreign direct investment in scientific magazines and journals be placed before the Cabinet, Rajya Sabha was informed on Monday.
"GoM on FDI has recommended the proposal for placing the publication of scientific and technical magazines, periodicals and journals for 100 per cent foreign direct investment through the FIPB route for consideration of the Cabinet," Minister of State for Commerce and Industry Ch Vidyasagar Rao said in a written reply.
This GoM has recommended raising FDI caps in telecom, civil aviation and oil and natural gas for the Cabinet's consideration, the minister added.
On alcoholic beverages, the minister said in the case of 100 per cent takeover of Oceanic Distilleries by Seagram Manufacturing "without government approval, the Reserve Bank of India has been directed to take appropriate action under the relevant legal provisions."
