India announces sweeping relaxation of FDI rules

New Delhi

INDIA on Monday announced a sweeping relaxation of foreign direct investment (FDI) rules in civil aviation, defence and a string of other sectors as part of efforts to open up the economy.

The government freed up nine areas of the economy, including allowing foreign companies to wholly own local airlines as it looks to spur investment in the world's second most populous country.

Prime Minister Narendra Modi tweeted that the "radical" changes would make "India the most open econ…