India eases FDI norms in 15 sectors
NEW DELHI, November 10, 2015
India eased foreign direct investment norms in 15 major sectors, including mining, defence, civil aviation and broadcasting, the government said on Tuesday in a bid to drum up investment and speed up growth.
The government also increased the financial power of the Foreign Investment Promotion Board to give single window clearance for investment projects up to Rs50 billion ($753.35 million) from Rs30 billion.
Some of the other sectors covered by the new move include plantations, construction, single-brand and wholesale retail, private banks and mineral separation of titanium.
"The crux of these reforms is to further ease, rationalise and simplify the process of foreign investments into the country and to put more and more FDI proposals on automatic route instead of government route where time and energy of the investors are wasted," the government said in a statement.
The move comes ahead of Prime Minister Narendra Modi's trip to the UK.