NEW DELHI (AP) " India announced radical changes in its foreign direct investment rules Monday to attract overseas investment into its aviation and defense industries. The government's statement hailed the changes as making India now the most open economy in the world for foreign direct investment. The changes were meant to liberalize and simplify the foreign direct investment policy to make it easier to do business in India, the prime minister's office said in a statement. The foreign investment changes follow the announcement last week of a new aviation policy aimed at increasing regional connectivity, boosting cargo operations and making it easier for passengers to fly. Defense and airlines industries can now be 100 percent foreign owned, after previous rules allowed 74 percent and 49 percent foreign ownership, respectively.

Source: New Zealand Herald June 20, 2016 12:51 UTC