FDI reforms example of 'Minimum Govt., Maximum Governance': PMO

After the announcement of FDI related reform in 15 sectors by the government today, the Prime Minister's Office (PMO) said that the reforms will benefit the youth of the nation immensely and will 'ease, rationalise and simplify processes'.

"Govt's commitment- fruits of development must touch every part of India & every citizen of India. India is unstoppable on the path of economic progress. Govt. wants the world to see the tremendous opportunities India offers," The PMO tweeted.

Stressing that the reforms are another example of emphasis on 'Minimum Government, Maximum Governance', the Prime Minister's Office also said that the government's commitment to development and reforms is 'unequivocal and unwavering'.

Earlier today, the government announced plans for allowing FDI through the automatic route in 15 sectors, including the construction, insurance, defence, civil aviation and banking.

By announcing this step, the Centre has expressed its commitment to poverty elimination and inclusive development, and also to make India a global manufacturing hub.

Finance Minister Arun Jaitley also said the Centre was committed to ensure the ease of doing business in India and that remained their top priority.

"Ease of doing business has been a priority for government. The trend of declining in ease of doing business has been reversed. The hard fact is that growth in India is being driven by public investment, some private investment and some foreign direct investment," he said.

The Congress, however, branded the ease in FDI as the government's attempt to 'appease' foreign companies, ahead of Prime Minister Narendra Modi's visit to the United Kingdom.