India to Allow Foreign Firms Majority Ownership:...

India to Allow Foreign Firms Majority Ownership: Prime Minister P.V. Narasimha Rao, reviving stalled economic reforms, has approved a medical drug policy allowing a majority stake for foreign firms and easing price controls, officials said. The new policy requires confirmation by a Cabinet committee on economic affairs before it comes into effect, but that is considered a formality, the officials said. The pharmaceuticals industry was one of the key sectors still under government control since Rao launched a radical economic liberalization program in 1991.