Prime Minister Narendra Modi is believed to have reviewed the foreign direct investment (FDI) policy at a meeting in New Delhi, sources said. The meeting was attended by Commerce and Industry Minister Nirmala Sitharaman and Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek among other senior officials, official sources told PTI. The officials, however, remained tight-lipped about the deliberations held in the meeting. There was no official communication about the outcome of the meeting.
The government has relaxed FDI norms in over a dozen sectors, including defence, civil aviation, construction and development, private security agencies, real estate and news broadcasting. It is considering relaxing FDI norms in sectors such as including retail and construction, print media, single brand and multi-brand retail trading.
The government is relaxing norms to provide investor friendly climate to foreign players and in turn attract more FDI to boost economic growth and create jobs. Foreign direct investment in the country grew by 9 per cent to $43.47 billion in 2016-17.