New Delhi, Nov. 10 (ANI): After the government eased foreign direct investment norms in 15 major sectors today, Finance Minister Arun Jaitley said the Centre was committed to ensure the ease of doing business in India and that remained their top priority.
“Ease of doing business has been a priority for government. The trend of declining in ease of doing business has been reversed. The hard fact is that growth in India is being driven by public investment, some private investment and some foreign direct investment,” Jaitley told in a press briefing.
“Revenues have significantly improved, expenditure going on planned lines. I don’t see any cuts to the proposed expenditure,” he added.
The Finance Minister also said that some outdated FDI conditionalities that existed along with the sectoral caps, have either been done away with or have been eased by the current regime.
“Investors prefer to invest in destinations where growth is picking up and returns seem likely and where it is easy to do business,” he added.
Earlier today, the government announced plans for allowing FDI through the automatic route in 15 sectors, including the construction, insurance, defence, civil aviation and banking.
By announcing this step, the Centre has expressed its commitment to poverty elimination and inclusive development, and also to make India a global manufacturing hub. (ANI)