New Delhi: The Union Cabinet is today (Jan 15, 2004) believed to have deferred a proposal for hiking foreign investment cap in telecom sector to 74 per cent from the existing 49 per cent.

However, the Cabinet is believed to have cleared the proposal to hike foreign direct investment (FDI) ceiling from 49 to 74 per cent in the private banks.

Finance Minister Jaswant Singh had earlier announced the hike in FDI limit in private banks in his Budget for 2003-04.

The Cabinet is also believed to have cleared the proposal of allowing 100 per cent FDI in technical and scientific journals published from special economic zones.