The government is working to further relax the foreign direct investment policy. The decision came after recent reforms that allowed automatic approval for most sectors and increased the limit in many areas.
India has become one of the most open economies in the world and 92% of its FDI now comes through the automatic route.
Department of Industrial Policy and Promotion (DIPP) secretary Ramesh Abhishek said that India means business in the session of the India Economic Summit.
“We have allowed 100% FDI even in very sensitive sectors and under automatic route in most cases,” he added while indicating further relaxation in the foreign investment regime.
“There is a huge potential in India to attract FDI. Reforms are ongoing and based on industry feedback. The government will also take steps to ease processes,” said Abhishek said.
DIPP secretary further informed that the government is looking at various restrictive policies brought to its notice by ecommerce companies.
A panel set up by Niti Aayog to look into issues faced by the sector will soon submit its recommendations to bring about a policy that encourages competition and transparency.