New Delhi simplifies foreign investment rules
New Delhi
INDIA has simplified rules for foreign investment in companies by clubbing together different categories, Finance Minister Arun Jaitley said on Thursday, effectively giving equal treatment to global capital entering Asia's third-largest economy.
The move, flagged by Mr Jaitley in his budget in February, will make it easier for banks such as Yes Bank and Axis Bank to raise capital up to a foreign ownership limit of 74 per cent, say analysts. "One of the most important decisions in relation to the investment is the introduction of composite caps for simplification of foreign direct investments," Mr Jaitley told reporters after a Cabinet meeting.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal
WTO countries to reboot dispute reform negotiations
Fed’s preferred core inflation gauge rose at a brisk pace in March