The government proposes to allow Foreign Direct Investment in credit information companies along with commodity exchanges as part of the review policy, an official in the Department of Industrial Policy and Promotion (DIPP) said.

“The proposal for FDI in credit information companies (CICs) is under consideration and will be taken to the Cabinet Committee on Economic Affairs after receipt of comments from different ministries,” the official said.

The government is also in the process of reviewing FDI policy for a host of other sectors including aviation services, sports goods and real estate. However, official sources made it clear that retail would be kept out of the policy review. Global CIC firms see a huge business opportunity in building up credit history of clients and sharing it with the fast growing financial services sector. Finance Minister P Chidambaram, on Saturday, said that the government intended to make financial services the next growth engine for India.