Pn-1 May Be Scrapped ; Moves Are Afoot by the Government to Scrap Press Note 1 to Make It Easier for Foreign Firms to Invest in India. Pn-1 Protects the Interests of Domestic Companies From Their Foreign Joint Venture Partners by Mandating That the Foreign Companies Would Have to Obtain Their Approval Before Making a Fresh Investment in the Same Sector in India.

Summary

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Moves are afoot by the government to scrap Press Note 1 to make it easier for foreign firms to invest in India. PN-1 protects the interests of domestic companies from their foreign joint venture partners by mandating that the foreign companies would have to obtain their approval before making a fresh investment in the same sector in India.

Scrapping PN-1 would mean that foreign firms would no longer have to seek a no-objection certificate from their local joint venture partners.

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Extract

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Pn-1 May Be Scrapped ; Moves Are Afoot by the Government to Scrap Press Note 1 to Make It Easier for Foreign Firms to Invest in India. Pn-1 Protects the Interests of Domestic Companies From Their Foreign Joint Venture Partners by Mandating That the Foreign Companies Would Have to Obtain Their Approval Before Making a Fresh Investment in the Same Sector in India.

The government ...

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