NEW DELHI: Prime Minister Narendra Modi hailed a sweeping liberalisation ofrules 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."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. "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.
Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security agencies and animal husbandry.
The decision to further liberalise FDI regime with the objective of "providing major impetus to employment and job creation in India" was taken at a meeting chaired by Prime Minister Narendra Modi today.
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