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| Government Eases FDI Norms in |
| Government Eases FDI Norms in 15 Sectors Including Mining, Civil Aviation, Defence
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| INDIA
, 10-November-2015
7:19:44 AM |
| The government has announced reforms touching 15 sectors, easing foreign direct investment or FDI in mining, civil aviation, defence, broadcasting, construction. It has also relaxed norms related to investment by companies owned and controlled by NRIs.
The major reforms push, being billed as the biggest in the FDI regime, comes two days after the ruling BJP suffered a crushing defeat in the Bihar assembly elections. Also, a day before Prime Minister Narendra Modi leaves for his first visit to the United Kingdom, focussed predominantly on business and investment.
"To further boost this entire investment environment and to bring in foreign investments in the country, the Government has brought in FDI related reforms and liberalisation touching upon 15 major sectors of the economy," the government said in a press release that listed the sectors for which FDI measures have been announced today.
It sought to allay fears that the BJP's defeat in Bihar will lead to a further slowdown in economic reforms. "With this round of reforms, the government has demonstrated that India is unstoppable on the path of economic development," the government said, adding, "The Prime Minister has reiterated that the economic wellbeing of the people of India is the main task before him."
It is being seen as a message that the government continues to be focussed on the economy and a counter to the criticism that PM Modi's Bihar campaign deviated from his development agenda.
The Bihar result on Sunday dealt a body blow to PM Modi's plans to win most state elections in the next three years to gain full control of parliament and push key reforms.
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