India relaxes foreign direct investment rules
New Delhi
INDIAN Prime Minister Narendra Modi eased restrictions on foreign direct investment across several sectors, including allowing overseas airlines to invest in state carrier Air India Ltd, in a bid to revive growth in Asia's third-largest economy.
Foreign carriers can buy up to 49 per cent in the loss-making national airline, the government said in a statement. In a move aimed at further improving ease of doing business, the cabinet also allowed single-brand retailers to start local operations without federal approval and foreigners can own up to 100 per cent in real estate brokerages.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Saudi Arabia hikes oil selling prices for all grades to Asia
Slowing global economy to mean smaller revenue bump in Australian budget
Emerging-market optimism dashed by Fed as currencies, bonds sink
France’s Macron set to press China’s Xi on trade, Ukraine
Israeli Cabinet votes to shut down Al Jazeera’s local operations
Ukraine eases some wartime capital controls for businesses