Prime Minister Narendra Modi on Tuesday said the decision to ease FDI norms in 15 sectors demonstrates the government’s “unequivocal and unwavering” commitment to development and reforms whose fruits should touch every citizen and every part of India.
“The reforms are another example of emphasis on minimum government, maximum governance. They will ease, rationalise and simplify processes. India is unstoppable on the path of economic progress. The government wants the world to see the tremendous opportunities India offers. The government's commitment is that fruits of development will touch every part of India and every citizen of India,” Mr. Modi said.
“Investors prefer investing in destinations where growth is picking up, returns seem likely and where it is easy to do business. In the recent months, India's growth is being driven by public investment and some private investment and increased FDI,” Finance Minister Arun Jaitley said.
Industry Secretary Amitabh Kant said: “This is Diwali gift for investors. This is the biggest bang reform of the government.”
“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,” said Economic Affairs Secretary Shaktikanta Das.
Industry welcomes move
“This is one of the boldest reform moves yet, even from this government. This is a clear and strong message that reforms are not only on track but are going to be aggressive,” Chandrajit Banerjee, Director-General, CII said.
FICCI president Jyotsna Suri said: This is again an affirmation of the government’s commitment to strengthen the economy and generate more and more jobs for the youth of the country. Simplification of procedures for foreign investments, putting more sectors on the automatic route, introducing fungibility between FDI and FII and having a single reference document for all FDI-related guidelines are steps that would boost investor confidence further.
