President,
PHD Chamber of Commerce and Industry, Dr. Mahesh Gupta welcomed
Union Cabinet decision, of radical changes in the FDI Policy regime terming it
a right move which was long overdue, saying that it will not only boost the
job creation in the economy but also enable India to attract chunk
foreign direct investment (FDI).
In a statement issued here today, Dr
Gupta said that the increase in sectoral caps, bringing more activities
under automatic route and easing of conditionalities for foreign investment
will make India a more open economy in the world economic system.
We have a good room for more and more
openness vis-a-vis strong macroeconomic fundamentals, said Dr. Gupta.
He added that the FDI reforms were
very crucial at this juncture which will lead to further FDI inflows which
already increased from around US$36 billion in FY14 to US$55 billion in FY16
due to recent initiatives of the government.
The PHD Chamber appreciates the Modi
government for taking pro-active reforms oriented decisions.
The Chamber believes that the easing
of FDI rules in various sectors viz. Animal Husbandry, Broadcasting, Civil
Aviation, Defence, Pharmaceutical and Single Brand Retail trading is something
which needs to be applauded.
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