NEW DELHI: Prime Minister Narendra Modi hailed a sweeping liberalisation of rules on foreign direct investment (FDI) on Monday, saying they would make Asia's third-largest economy the most open in the world.
"Key reform decisions were taken at a high level meeting chaired by the PM, which makes India the most open economy in the world for FDI," Modi said in a tweet.
In a second tweet, he said the changes would provide a "major impetus to employment and job creation in India."
Centre has radically liberalized the FDI regime, with the objective of providing major impetus to employment and job creation in India.
Government on Monday relaxed FDI norms in a host of sectors including civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route.
Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security agencies and animal husbandry.
"Now most of the sectors would be under automatic approval route, except a small negative list. With these changes, India is now the most open economy in the world for FDI," said an official statement.
India has been rated as Number 1 FDI Investment Destination by several International Agencies
It may not show the results immediately, but it is the going in the right direction. Fortune will favour the brave. Keep it up.
True! India has lots of opportunities and If NRIs and Overseas Indians can help with their investments, India could easily achieve the target to become a developed Nation and play a leading role in the world market.
Good initiative by Modi. India must become one of the most business friendly nation in the world to increase more and more FDI
BJP will be the richest political party in the world. Where are those opposing FDI then?
While opening up, PM should ensure that local industries should not die. It is important to be self-sufficient.
100percent FDI is good..but now Indians will start working for foreign nationals soon..all top CEO positions will be foreigners. an Indian CEO will report to foreign MD...back to imperialistic colonism
he sold india... what else we expected
PM should ensure that FDI should have condition of earning foreign exchange and creation of employment
dreaming is good, but day dreaming is too much
Need more promising reforms and guaranteed laws
full credit to Modi
Now also please bring the interest rates down !