Following up on our previous report: When in doubt, extend deadlines and postpone decisions. That’s just what happened. While India’s Finance Minister turned down the telecom department’s ‘We give up’ proposal to cancel the increase in FDI in telecom and averred that, “the decision to increase FDI to 74 percent stands,” he left it to the various ministries and the department to sort out their differences and gave them three months to do so. This is the third such extension.
Business Standard quotes Finance Minister P. Chidambaram as saying, “The operators have expressed difficulties in complying with some of the conditions. The government will also take into consideration the security requirements. Whatever is necessary and imperative will be kept.” You think they’ll come to an agreement sometime this decade?