PM Modi said that the amendments in FDI policy will promote ease of doing business. (Reuters File Photo)
Prime Minister Narendra Modi said on Monday that India was now the most open economy in the world for FDI with most sectors were under automatic approval route.
He said in a tweet that the amendments in FDI policy announced on Monday will promote ease of doing business and India was rated as number one FDI destination by several international agencies.
"India now the most open economy in the world for FDI; most sectors under automatic approval route.
"India records highest ever FDI inflows at US$ 55.46 billion in financial year 2015-16. India rated as Number 1 FDI investment destination by several international agencies. Now 100% FDI under Govt approval route for trading, including e-commerce for food products manufactured or produced in India.
"Amendments in FDI policy to promote ease of doing business. Liberalisation of FDI regime -Now more inflows to contribute to growth of investment, incomes and employment," PM Modi said in a series of tweets.
The government on Monday relaxed its foreign equity norms further, notably in defence, aviation, pharmaceuticals and retailing, with automatic approval rather than a case-based route as the preferred model.