Modi government wants to simplify FDI policy

  • Narendra Modi government is looking for a simple process in order to attract capital from abroad in the manufacturing sector as part of its Make in India programme.
  • For this government wants to reduce the need for prior government approval rather than extending sectorial limits.
  • The current policy allows up to 100% foreign direct investment (FDI) in many sectors such as telecom and pharma.
  • The approval process will take as much as two months in current system where a proposal can be cleared in the first meeting.
  • According to the World Bank India ranks 142 out of 189 economies in ease of doing business

Source: ET

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