PM Modi’s reform push: Govt announces sweeping relaxation of FDI norms in 15 sectors

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New Delhi: After facing humiliating defeat in the Bihar assembly elections, Narendra Modi government on Tuesday allowed FDI through automatic route in 15 sectors including the construction, civil aviation, banking, defence, retail and news broadcasting.

While 100 percent foreign direct investment (FDI) has been allowed in DTH, cable network and plantation crop, overseas investment limit in uplinking of news and current affairs TV channels has been raised to 49 percent from 26 percent, Finance Minister Arun Jaitley said.

The government relaxed conditions for FDI in single-brand retail and allowed 100 percent FDI under automatic route in duty-free shops and Limited Liability Partnerships (LLP) and eased foreign investment norms in the defence sector.

It has also raised the FIPB’s monetary limit to Rs 5,000 crore from Rs 3,000 crore for approving FDI proposals

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