Centre permits 100% FDI in telecom sector

The Centre on Tuesday informed that it has permitted 100% FDI under automatic route in the telecom services sector, news agency PTI reported. The Department for Promotion of Industry and Internal Trade (DPIIT) in a press release said that foreign investment in telecom services will be subject to the condition of Press Note 3 of 2020.

Press Note 3 of 2020 shared by the DPIIT states that a “non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.”