Finance Minister Nirmala Sitharaman on Friday announced to set up a National Research Foundation (NRF) to fund, coordinate and promote research in the country.
"We propose to establish a National Research Foundation to fund, coordinate and promote research in the country," said Finance Minister Sitharaman, while presenting the Union Budget 2019-20 in the Lok Sabha on Friday.
She also said that NRI investment in the country would be made much easier by merging NRI portfolio route with foreign portfolio investment.
"To provide NRIs seamless (access) to Indian equities, NRI portfolio investment route will be merged with the foreign portfolio investment route," she added.
She said that annual global investors' meet would be organised in India, using NIIF as "the anchor to get key sets of global players to come and invest in India."
She also announced to open up FDI in aviation, media, animation AVGC, and insurance to be examined, in consultation with stakeholders, while 100 pc FDI to be permitted for insurance intermediaries.
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