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Foreign Investment REPORT O THE STEERING GROUP ON OREIGN DIRECT INVESTMENT Planning Commission Government of India New Delhi August 2002 © 2002 Planning Commission, New Delhi Published for Planning Commission by Shipra Publications, Delhi e-mail: [email protected] Contents 1. PREFACE . 9 1.1 Committee Members ...9 1.2 Terms of Reference ...10 1.3 Acknowledgements ...10 2. INTRODUCTION . 11 2.1 Background ...11 2.2 Meetings ...11 2.3 Presentations ...12 2.4 Material Collected ...12 3. FDI TRENDS . 13 3.1 Global Trends ...13 3.2 India’s Share ...13 3.3 Comparability of Data ...16 3.4 FDI in Privatisation ...17 3.5 Direction of FDI into India ...18 4. CAUSES AND REASONS FOR LOW FDI . 21 4.1 Image and Attitude ...21 4.2 Policy Framework ...22 4.2.1 FDI Policy ...22 4.2.2 Domestic Policy ...23 4.3 Procedures ...26 4.3.1 FIPB ...27 4.4 Quality of Infrastructure ...28 4.5 State Obstacles ...28 4.6 Legal Delays ...29 5. RECOMMENDATIONS . 31 5.1 Regulatory Reforms ...31 5.1.1 Foreign Investment Law ...31 5.1.2 State Laws on Infrastructure ...32 5.2 Institutional Changes ...32 5.2.1 Industry Department ...32 5.2.2 Planning and FDI Sector Targets ...34 5.2.3 Fund for Assistance to States ...34 5.2.4 Non-governmental Facilitation Services ...35 5.3 Raising FDI Sectoral CAPS ...35 5.3.1 National Security ...36 5.3.2 Culture and Media ...36 5.3.3 Natural Monopolies ...37 5.3.4 Monopoly Power ...38 5.3.5 Natural Resources ...38 5.3.6 Transition Costs ...39 5.3.7 Recommendations ...39 5.3.7.1 Manufacturing ...40 5.3.7.2 Mining ...41 5.3.7.3 Infrastructure ...42 5.3.7.4 Services ...43 5.4 Marketing India ...46 5.4.1 Attitude to FDI ...46 5.4.2 India’s Image ...46 5.4.2.1 Advantages/Positives ...46 5.4.2.2 Inconveniences/Negatives ...47 5.4.3 Revamping Publicity ...47 5.4.4 Marketing Strategy ...48 5.5 Policy for Special Economic Zones ...49 5.5.1 State SEZ Law(s) ...49 5.5.2 SEZ Infrastructure Policy ...49 5.5.3 SEZ Administrative Structure ...50 5.5.4 Marketing of SEZs ...52 5.6 Sector Policy Reforms ...52 5.6.1 Dis-investment ...52 5.6.2 Power ...52 5.6.3 Urban Infrastructure and Real Estate ...53 5.6.4 De-control and De-licensing ...54 5.6.5 Tax Rules and Rates ...54 6. CONCLUDING SUMMARY . 57 7. REFERENCES . 59 6 OREIGN DIRECT INVESTMENT CONTENTS 6 8. APPENDICES . 63 8.1 Economic Advantages of FDI ...63 8.2 Need For FDI in 10th Plan ...66 8.2.1 Foreign Savings and CAD ...67 8.3 Policy Framework ...68 8.3.1 Industrial Policy ...68 8.3.2 Project Clearance ...69 8.3.2.1 Registration & Inspection ...69 8.3.3 FDI Policy ...69 8.3.3.1 FEMA (2000) ...69 8.3.3.2 Entry Rules & Sectoral Caps on FDI ...70 8.3.3.3 WTO, TRIMS and FDI ...71 8.3.4 SIA & FIPB ...71 8.3.5 Foreign Technology Agreements ...71 8.3.6 Inter-Country Comparison ...73 8.4 Status of Special Economic Zones ...73 8.5 Role of M&A and Dis-investment ...75 8.5.1 Takeover Code ...77 8.5.2 Competition Law and M&A ...78 8.6 Presentations and Suggestions ...78 8.6.1 McKinsey & Company ...78 8.6.2 A. T. Kearney ...80 8.6.3 Boston Consulting Group ...81 8.6.4 FICCI ...83 8.6.5 CII ...84 8.6.6 West Bengal and Andhra Pradesh Governments ...85 8.6.7 DIPP ...86 8.6.8 Other Suggestions Received ...88 8.7 Andhra Pradesh Infrastructure Act ...89 8 OREIGN DIRECT INVESTMENT Acronyms ADRs American Depository Receipts ATK AT Kearney BCG Boston Consultancy Group BOP Balance of Payments CAD Current Account Deficit CCFI Cabinet Committee on Foreign Investment CENVAT Central Value Added Tax CII Confederation of Indian Industries CPM Critical Path Method Crore 10 million CRR Cash Reserve Ratio CST Central Sales Tax CVD Countervailing Duties DC Developing Countries DGFT Director General of Foreign Trade DIPP Department of Industrial Policy & Promotion DTA Domestic Tariff Area EAU Entrepreneurial Assistance Unit EIU Economic Intelligence Unit EOU Export Oriented Units EPZs Export Promotion Zone FDI Foreign Direct Investment FEMA Foreign Exchange Management Act FIAS Foreign Investment Advisory Services FICCI Federation of Indian Chambers of Commerce & Industry FIIA Foreign Investment Implementation Authority FII Foreign Institutional Investors FIPB Foreign Investment Promotion Board FIPC Foreign Investment Promotion Council FPO Food Price Order FTZs Foreign Trade Zones GDP Gross Domestic Product GDRs Global Depository Receipts GOI Government of India GOM Group of Ministers IATA International Air Traffic Association ICAMT International Centre for Advancement of Manufacturing Technology ICOR Incremental Capital-Output Ratio IDRA Industries Development & Regulation Act IEM Industrial Entrepreneurs Memorandum IFC International Financial Corporation ILDP Indian Leather Development Programme IMF International Monetary Fund IPAs (State) Investment Promotion Agencies IPO Initial Public Offering IT Information Technology JBIC Japan Exim Bank LNG Liquefied Natural Gas M&A Mergers & Acquisitions MAT Minimum Alternate Tax MES Minimum Efficient Scale MIDA Malaysian Industrial Development Authority MNC Multinational Corporations MNEs Multinational Enterprises MRTP Monopolies & Restrictive Trade Practices NBFCs Non-Banking Financial Corporations NCAER National Council of Applied Economic Research NFEE Net foreign exchange earning NLDP National Leather Development Programme NRI Non-Resident Indian OCBs Overseas Corporate Bodies OECD Organization of Economic Cooperation & Development PERT Project Evaluation Research Technique PM Prime Minister RBI Reserve Bank of India RCA Rent Control Acts RIS Research and Information System for the Non-Aligned and Other Developing Countries S.E. Asia South-East Asia SEBI Securities & Exchange Board of India SEZ Special Economic Zone SIA Secretariat for Industrial Assistance SLR Statutory Liquidity Ratio SMEs Small & Medium Enterprises SSI Small Scale Industries ST Sales Tax TNCs Transnational Corporations TRAI Telecom Regulatory Authority of India TRIMS Trade Related Investment Measures ULCA Urban Land Ceiling Acts UN United Nations UNCTAD United Nations Council for Trade and Development UNIDO United Nations Industrial Development Organisation USO Universal Service Obligation VCCs Venture Capital Companies 1 Preface 1.1 Committee Members Foreign Direct Investment is one of the key variables for achieving an eight per cent growth during the Tenth Plan (2002-07). As mentioned in the Approach Paper a sharp step up in FDI is necessary for achieving the growth targets of the Tenth Plan. The Planning Commission constituted a Steering Committee on Foreign Direct Investment in August 2001, to achieve these objectives. The Steering Committee comprises of the following members: Shri N.K. Singh, Chairman Member, Planning Commission Shri Ajit Kumar, Member Finance Secretary, Ministry of Finance Shri V. Govindarajan, Member Secretary (DIPP), Ministry of Commerce & Industry Shri Shashank, Member Secretary (ER), Ministry of External Affairs Dr. Y.V. Reddy, Member Deputy Governor, Reserve Bank of India Shri A.P. Verma, Member Chief Secretary, Government of Uttar Pradesh Shri P.V. Rao, Member Chief Secretary, Government of Andhra Pradesh Shri Manish Gupta, Member Chief Secretary, Government of West Bengal Shri Prodipto Ghosh, Member Additional Secretary, Prime Minister’s Office Shri Tarun Das, Member Director General, CII Dr. Amit Mitra, Member Secretary General, FICCI Dr. Arvind Virmani Member-Secretary Adviser (DP), Planning Commission 10 FOREIGN DIRECT INVESTMENT Mr. C. M. Vasudev, Secretary (DEA) replaced Mr. Ajit Kumar on relinquishing charge as finance secretary. 1.2 Terms of Reference The terms of reference of the Committee were as follows: a. To suggest policy and governance reforms necessary for attracting private investment, both domestic and foreign. b. To identify factors which inhibit higher FDI flows and suggest remedial steps. c. To examine policy reforms towards mergers and acquisition for attracting FDI. d. To suggest changes in institutional apparatus and organizations, both in Centre and States, for attracting the FDI flows. e. To suggest Policy reforms in Export Processing Zones for attracting higher FDI flows. f. To suggest policy and governance reforms to attract NRIs for making higher FDI. g. To examine the factors responsible for the success of other countries like China in attracting FDI and make suitable recommendations based on the experience of other successful countries. 1.3 Acknowledgements Dr. Sharat Kumar, Director, Development Policy Division, Planning Commission assisted the Steering Group in its work. Mrs. A.Srija, Senior Research Officer, Planning Commission also provided assistance in preparing the report. 2 Introduction 2.1 Background Foreign Direct Investment (FDI) flows are usually preferred over other forms of external finance because they are non-debt creating, non-volatile and their returns depend on the performance of the projects financed by the investors. FDI also facilitates international trade and transfer of knowledge, skills and technology. In a world of increased competition and rapid technological change, their complimentary and catalytic role can be very valuable (Appendix section 8.1). Foreign Direct Investment in India has constituted 1 per cent of Gross fixed capital formation in 1993, which went up to 4 per cent in 1997. The Tenth Plan approach paper postulates a GDP growth rate of 8 percent during 2002-07. Given the Incremental Capital-Output Ratio (ICOR) and the projected level of domestic savings it leaves a savings gap/current account deficit of around 2.2 per cent. This implies an increase in FDI from the present levels of $3.9 billion in 2001-02 to at least around US $8 billion a year during 2002-07 (Appendix section 8.2). 2.2 Meetings The Steering Committee on FDI had eight meetings. In the first meeting of the Committee held on 6th September 2001 it was decided that the Steering Committee should come up with practical suggestions, which will help in achieving a higher levels of FDI inflow into India during the Tenth Plan.
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