 "Arun Jaitley")
Pushing ahead with major reforms, the government today relaxed foreign investment rules in 15 sectors such as civil aviation, banking, defence, retail and news broadcasting and eased the process for approval of FDI.
While 100% foreign direct investment (FDI) has been allowed in DTH, cable network and plantation crop, overseas investment limit in uplinking of news and current affairs TV channels has been raised to 49% from 26%.
The government relaxed conditions for FDI in single-brand retail and allowed 100% FDI under automatic route in duty-free shops and Limited Liability Partnerships (LLP) and eased foreign investment norms in the defence sector.
It has also raised the FIPB's monetary limit to Rs 5,000 crore from Rs 3,000 crore for approving FDI proposals.
"The government's decision on liberalising FDI policy is a welcome step and is part of improving ease of doing business. These decisions come into force with immediate effect," Economic Affairs Secretary Shaktikanta Das said.
DIPP Secretary Amitabh Kant said: "This is Diwali gift for investors. This is the biggest bang reform of the government.
