The government has approved the Policy for Acquisition of Raw Material Assets abroad by Central Public Sector Enterprises, CPSEs. This policy is applicable to CPSEs in Agriculture, Mining, Manufacturing and Electricity sectors having a three year record of making net profits.

This information was given by Heavy Industries and Public Enterprises Minister Praful Patel in the Lok Sabha today.

He said that the availability of adequate quantities of raw materials is a pre-requisite not only for the growth of the manufacturing sector in particular and the economy as a whole, but also from the strategic perspective.

Mr. Patel said that in the long term interest of the country, the government has enunciated this Policy. The policy will also put in place provisions for fast track decision making through a coordinating mechanism at the highest level.