The Narendra Modi government firmly underlined its reformist credentials and signalled unequivocally to foreign investors that it is serious about economic liberalisation by opening up or easing foreign direct investment (FDI) norms for nine sectors including defence, pharmaceuticals, food processing, single brand retail and aviation.
“Today’s FDI reforms will give a boost to employment, job creation & benefit the economy,” Modi said on Twitter shortly after the announcement of the new FDI norms.
The Indian Prime Minister, who invoked his special powers to approve the guidelines, added that these will also improve the ease of doing business. “India now the most open economy in the world for FDI; most sectors under automatic approval route,” he said.
Reiterating that the latest round of reforms will boost the country’s growth rate…