AMN
Union Cabinet also decided to amend Foreign Direct Investment,FDI norms for NRIs, Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCI) to increase capital flows into the country. The amendments will lead to greater foreign exchange remittances and investment. The investment under the amended norms will be treated as domestic at par with investment made by resident Indians.
The government has taken a number of measures ranging from policy corrections to bold economic reforms during the last one year. Rail infrastructure sector has been opened to 100 per cent FDI under automatic route and sectoral cap was raised to 49 per cent in defence sector. To expand insurance cover to large population and provide required capital to insurance companies, the government has also raised FDI limit in the sector to 49 per cent.