Prime Minister Narendra Modi hailed reforms in rules on foreign direct investment on Monday, saying they would make India the most open economy in the world.
“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,” Modi said in a tweet.
In a second tweet, he said the changes would provide a “major impetus to employment and job creation in India.”
The government relaxed FDI norms in a host of sectors including civil aviation, single-brand retail, defence and pharma by permitting more investments under automatic route.
Other sectors in which FDI norms have been relaxed include e-commerce in food products, broadcasting carriage services, private security agencies and animal husbandry.
“India has been rated as Number 1 FDI Investment Destination by several International Agencies,” he added. “Reform measures undertaken by the Government have resulted in increased FDI inflows at US$ 55.46 billion in financial year 2015-16.”