India announces FDI reforms in 15 major sectors

Reuters: India eased Foreign Direct Investment (FDI) norms in 15 major sectors, including mining, defence, civil aviation and broadcasting, the Government said on Tuesday in a bid to drum up investment and speed up growth.

The Government also increased the financial power of the Foreign Investment Promotion Board to give single window clearance for investment projects up to Rs. 50 billion ($753.35 million) from Rs. 30 billion.

“The crux of these reforms is to further ease, rationalise and simplify the process of foreign investments into the country and to put more and more FDI proposals on automatic route instead of Government route where time and energy of the investors are wasted,” the Government said in a statement.