After Prime Minister Narendra Modi said that Indian needs huge Foreign Direct Investment (FDI) for modernisation and progress, the Department of Industrial Policy and Promotion (DIPP) on Tuesday notified the recent liberalisation of FDI policy in several sectors, including defence, retail and construction development sector.
DIPP has also defined the term “manufacturing” for the purpose of attracting foreign direct investment.
In a recent decision, the government permitted a manufacturer to sell products made in India through wholesale, retail including through e-commerce platforms without government approval.
In a press note, DIPP has defined the term “control” for the purpose of FDI in Limited Liability Partnerships. ‘Control’ shall include the right to appoint a majority of the directors or to control the management or policy decisions.
The government had on 10th of this month opened up 15 sectors including real estate, defence, civil aviation and news broadcasting in a bid to push up reforms.
Addressing the Indian Community at Singapore Expo, the Prime Minister Narendra Modi said India has opened up this sector for FDI up to 49%.