The government plans to ensure that close to 98 per cent of the foreign investment inflows come in through the automatic route without needing any bureaucratic approval, in a bid to ensure ease of doing business in the country, a senior government official said.
“Following the recent announcement of opening up 15 sectors…India has thrown open 92 per cent of the FDI through the automatic route. We do not want any business man to come to Udyog Bhawan or the Finance Ministry, which is also the mandate from the Prime Minister,” said Industry Secretary, Amitabh Kant. He was speaking at an event organised by industry body Assocham,
Singapore tops the list of Ease of Doing Business Index, Mr Kant said “If we are able to get 10-12 states as champions of growth and if some 12 states grow at a rate of 10%-plus, then India would grow at 9 to 10% per annum.”
