Photo: MintNew Delhi: The prime minister’s office (PMO) has asked all the ministries and departments to modify enabling framework and regulations in tune with the liberalised foreign direct investment (FDI) policy with a view to attracting more foreign investment. In the meeting, it was pointed out that significant reforms have already been carried out in the FDI policy and now it is for the departments concerned to provide an enabling framework to attract foreign investors, officials said. The government in the last two-and-a-half years has relaxed FDI policy by removing sectoral caps and placing several sectors under the automatic route. The issue of permitting 100% foreign investment in ATM and cash management companies was also discussed in that meeting. Foreign investment is considered crucial for India, which needs around $1 trillion for overhauling its infrastructure such as ports, airports and highways to boost growth.

Source: Mint April 23, 2017 10:07 UTC