MUMBAI(PTI): A new law on bankruptcy aimed at improving the ease of doing business will…
Government on Tuesday relaxed foreign direct investment (FDI) reforms levied on 15 sectors.
Economic Affairs Secretary Shaktikanta Das
FDI policy has been eased in construction, real estate, defence, broadcasting and LLPs sectors.
Shaktikanta Das, Secretary, Economic Affairs said, “Decision to relax FDI policy is a welcome step to promote ease of doing business.”
He added that these decisions will come into force with immediate effect.
Also Read: After Bihar debacle, government eases FDI reforms in 15 major sectors
In order to relax FDI policy in single-brand retail, government will now allow companies to sell products through e-commerce. 100% FDI is allowed in plantation of rubber, coffee, cardamom, palm oil tree and olive oil tree.
Government has allowed foreign investment up to 49% under automatic route in regional air services sector.
The announcement was made by Amitabh Kant, Secretary of Department of Industrial Policy and Promotion (DIPP) on Tuesday evening.
He said, “This is Diwali gift for investors. This is the biggest bang reform of the government.”
Reportedly, this is supposed to be the biggest reform in the FDI rule which is supposedly going to be announced a day before PM Modi leaves for United Kingdom.