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.