Industry for caution on Press Note 18

Top industry associations, including the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI), have said that the Press Note 18 should be diluted but with clear safeguards for joint ventures.

"We would want foreign investment, but not at the cost of Indian partners. There should be clarity and proper preventive measures to protect the Indian partners. The commerce ministry talked of two separate clauses for existing and new ventures. And we want the government to properly demarcate between fresh entry into the same segment and making a foray into new areas," N Srinivasan, Director General of CII, said on the sidelines of the India Economic Summit.

CII President Sunil Kant Munjal said it was a sensitive issue and the body would discuss it with the ministry. Munjal said he would meet Commerce Minister Kamal Nath in the next two days.