India relaxes foreign direct investment rules
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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.
