With the FDI rules being opening up further across 15 sectors, global management consulting major Hay Group today said these measures would give a further push to job creation and entrepreneurship in the country.
In a sweeping liberalisation of foreign investment norms, the government today announced further opening up of sectors including real estate, defence, aviation and broadcasting.
Welcoming the steps announced by the government this evening, Hay Group India Managing Director Nitin Razdan said, “We see these initiatives as a positive move and a catalyst for further accelerating the Make in India and Start-up India initiatives.
“The new measures on FDI would give a further push to these two initiatives and accelerate the employment generation and entrepreneurship in the country.”
Stating that these were definitely welcome moves, he said a detailed assessment for the expected impact of the new steps can be done only after reviewing the finer prints.
Hay Group is a global management consulting firm with over 3000 employees working in 87 offices in 49 countries. Its clients are from the private, public and not-for-profit sectors, across every major industry, and represent diverse business challenges.
Under the new measures, restrictions in the construction industry have been freed up by allowing overseas investors to exit and repatriate investment even before project completion. Besides, FDI up to 49 per cent stake in defence companies and regional airlines has been allowed without government approval.
Prime Minister Narendra Modi described the easing of FDI norms in 32 investment points as reflection of “unequivocal and unwavering” commitment of the government to development and reforms as they should touch life of every citizen.
He asserted that the country is “unstoppable” on the path of economic progress and the government wanted the world to see the tremendous opportunities India offers.
Finance Minister Arun Jaitley said reforms are always an ongoing process and there was no finishing line for this.
As part of the reform exercise, the government has allowed 100 per cent foreign direct investment (FDI) in cable and direct-to-home TV operators, duty free shops and investment through automatic route in limited liability partnerships.