NEW DELHI (Sputnik) — The Indian government has decided to increase Foreign Direct Investment (FDI) in several sectors, turning India into one of the most FDI-open economy in the world, the Prime Minister's Office said Monday.
"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," the Office of the Prime Minister said on its official Twitter account.
In a cabinet meeting chaired by Prime Minister Narendra Modi, the government decided to hike FDI in several sectors up to 100 percent, including the defense sector, civil aviation and cable networks.
FDI above 49 percent was earlier permitted through a government approval on case to case basis, wherever it was likely to result in access to modern and state of the art technology in the country. This condition has been abolished.
