India is most open economy in world for FDI: PM Narendra Modi

New Delhi: Launching the second set of sweeping reforms, Prime Minister Narendra Modi on Monday said it makes India the most open economy in the world for FDI and would give boost to employment as part of efforts to transform the country. [caption id=“attachment_2845860” align=“alignleft” width=“380”] Narendra Modi. Reuters[/caption] He said amendments in FDI policy would promote ease of doing business as there will now be 100 percent FDI under government approval route for trading, including e-commerce for food products manufactured or produced in India. “Govt radically liberalizes FDI regime with the objective of providing major impetus to employment & job creation,” Modi said in a tweet. “Key reform decisions were taken at a high level meeting chaired by the PM, which makes India the most open economy in the world for FDI,” he said. The government, after a meeting chaired by the Prime Minister, announced the second wave of FDI reforms allowing 100 per cent inflows in civil aviation and food processing sectors while easing norms in defence and pharmaceuticals. “In two years, Govt brings major FDI policy reforms in several key sectors… India now the most open economy in the world for FDI; most sectors under automatic approval route,” Modi said in tweets. “Today’s FDI reforms will give a boost to employment, job creation & benefit the economy,” the Prime Minister said in a series of tweets with hashtag ‘#TransformingIndia’. He said with liberalisation of FDI regime, there have been more inflows to contribute to growth of investment, incomes and employment. “India rated as Number 1 FDI investment destination by several international agencies…India records highest ever FDI inflows at US$ 55.46 billion in financial year 2015-16,” he said.