Chhattisgarh Chief Minister Raman Singh on Monday praised Prime Minister Narendra Modi for easing the Foreign Direct Investment (FDI) norms in pharma, aviation and defence sectors in what is being called a major reform move.
“I congratulate Hon. PM Narendra Modi ji for realizing his mantra of Minimum Govt. Maximum Governance. By creating an automatic approval route for FDI,” Singh said on Twitter.
“The bold & transformative new FDI policy will ensure that India will retain its position as world’s top FDI destination,for a long time,” he said.
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Attributing the reforms initiated by the government, Singh said he is confident that the nation, under Prime Minister Modi’s leadership, will realize it’s long cherished “Tryst With Destiny”.
“I am convinced that under the visionary leadership of Honourable Prime Minister Narendra Modi ji, India will finally realize it’s long cherished Tryst With Destiny,” he said.
Earlier, it was announced that 100% FDI would be permitted under government approval route for trading, including through e-commerce in respect of food products manufactured or produced in India.
The key changes include allowing 100 percent FDI under government approval route for trading, including through e-commerce, in respect of food products manufactured or produced in India and permitting up to 100 per cent FDI in defence sector.
The other sectors that have benefitted include the broadcasting, pharmaceuticals, civil aviation, single brand retail among others.
The ruling BJP-led NDA Government has brought major FDI policy reforms in a number of sectors like defence, construction development, insurance, pension sector, broadcasting sector, tea, coffee, rubber, among others in last two years.
The FDI inflow into the country has increased at $ 55.46 billion in 2015-16 as against $36.04 billion during 2013-14.
This is the highest ever FDI inflow for a particular financial year.