GoM to look at PIOs’ stake
NEW DELHI: The long-standing demand from People of Indian origin (PIOs) to own 100% equity in Indian airline ventures seems to be heading deeper into turbulence.
The Union Cabinet on Thursday referred the matter to the group of ministers (GoM) on FDI after the various ministries involved failed to come at a consensus on opening up the aviation sector to PIOs.
According to government sources, the proposal has come under attack from ministries of finance, commerce and home affairs, which felt that a sensitive sector like civil aviation should not be opened up fully to PIOs.
“PIO investments cannot be put at par with NRI investments in a sector like civil aviation where security clearances are involved.
The ministries felt that PIO investments should be allowed in the sector but they should be within the sectoral cap of 49%,” a government source said.
SOURCE:THE TIMES OF INDIA
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