India expands core sector with mining, refining

NEW DELHI, Oct 7 (Reuters) - India's government on Tuesday added mining, exploration and refining to its definition of the infrastructure sector, enabling firms operating in these areas to bring into the country larger amounts of overseas borrowing.

A finance ministry statement said the three would be added to a list which includes: power, telecoms, railways, roads, sea ports and airports, industrial parks, and urban infrastructure.

The government last month said it would allow local infrastructure companies to bring in $500 million in funds borrowed overseas, up from the existing cap of $100 million.

But analysts said the global credit crunch meant the move was unlikely to spark an immediate rush of inflows. (Reporting by Surojit Gupta)