PM Modi says FDI decision shows 'unwavering' commitment to reforms

PM Modi asserted that the country is "unstoppable" on the path of economic progress and the government wanted the world to see the tremendous opportunities India offers.

New Delhi: Prime Minister Narendra Modi on Tuesday said the decision to ease FDI norms in 15 sectors demonstrates the government's "unequivocal and unwavering" commitment to development and reforms whose fruits should touch every citizen and every part of India.

He asserted that the country is "unstoppable" on the path of economic progress and the government wanted the world to see the tremendous opportunities India offers.

"Today's FDI related reforms will touch 15 sectors & benefit youth. Govt's commitment to development & reforms is unequivocal & unwavering," Modi tweeted soon after the government made the announcement.

"Today's reforms are another example of emphasis on Minimum Government, Maximum Governance. They will ease, rationalise & simplify processes," he said in another tweet.

"India is unstoppable on the path of economic progress. Govt. Wants the world to see the tremendous opportunities India offers," the Prime Minister said about the decision which has been taken just ahead of his visit to UK and Turkey. In Turkey, he will attend G-20 Summit.

He added that the "Govt's commitment - fruits of development must touch every part of India & every citizen of India."

Pushing ahead with major reforms, the government relaxed foreign investment rules in 15 sectors such as civil aviation, banking, defence, retail and news broadcasting and eased the process for approval of FDI.

While 100 percent foreign direct investment (FDI) has been allowed in DTH, cable network and plantation crop, overseas investment limit in uplinking of news and current affairs TV channels has been raised to 49 percent from 26 percent.

The government relaxed conditions for FDI in single-brand retail and allowed 100 percent FDI under automatic route in duty-free shops and Limited Liability Partnerships and eased foreign investment norms in the defence sector.