The Narendra Modi government today relaxed Foreign Direct Investment (FDI) norms in a host of sectors including civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route. Putting out the Centre’s view on the development, Union Minister Nirmala Sitharaman said that the government was trying to keep things simple.
Among the other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security agencies and animal husbandry.
Here are the highlights of Nirmala Sitharaman’s speech:
* We decided to do away with State of Art Technology rule in Defence to keep it simple, says Commerce minister Nirmala Sitharama.
* The new FDI policy is completely in line with aviation policy, says Sitharaman.
* FDI inflows given a clear direction.
* New FDI norms bring in clarity on approvals.