The Prime Minister’s Office, PMO has asked all the ministries and departments to modify enabling framework and regulations in tune with the liberalized FDI policy with a view to attracting more foreign investment. As per information received, these directions were issued at a high-level meeting of senior officials called by the PMO recently.
Sources said, the meeting deliberated upon various issues pertaining to different departments, including financial services, consumer affairs, defence, home affairs, commerce & industry, space, and pharmaceuticals. They said, it was pointed out in the meeting that significant reforms have already been carried out in the FDI policy and now it is for the departments concerned to provide an enabling framework to attract foreign investors.
The government in the last two-and-a-half years has relaxed FDI policy by removing sectoral caps and placing several sectors under the automatic route. FDI into the country grew 22 per cent to 35.85 billion dollars during April-December of 2016-17. India needs around 1 trillion dollars for overhauling its infrastructure such as ports, airports and highways to boost growth.