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Review of Foreign Direct Investment (FDI) Policy on investments by Non-Resident Indians (NRIs) Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs)

Dated:- 22-5-2015 - The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to . Following are the amendments approved by the Cabinet to incorporated in FDI policy: (i) By amending relevant para, definition of NRI will be as under: Non-Resident Indian' (NRI) means an individual resident outside India who is citizen of India or is an Overseas Citizen of India cardholder within the meaning of section 7 (A) of the Citizenship Act, 1955. Persons of Indian Orig .....

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esidents. The decision that NRI includes OCI cardholders as well as PIO cardholders is meant to align the FDI policy with the stated policy of the Government to provide PIOs and OCIs parity with Non Resident Indians (NRIs) in respect of economic, financial and educational fields. Further the decision that NRIs investment under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment made by residents, is meant to pr .....

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egin with, the Government first reviewed the FDI policy in defence and railways sectors. Entire range of rail infrastructure was opened to 100% FDI under automatic route, and in defence, sectoral cap was raised to 49%. To boost infrastructure creation and to bring pragmatism in the policy, the Government reviewed FDI policy in construction development sector also by creating easy exit norms, rationalizing area restrictions and providing due emphasis to affordable housing. To give impetus to medi .....

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workforce. However unless the manufacturing sector grows we will not be able to take advantage of this demographic dividend. The Prime Minister launched Make in India on 25 September 2014 to provide boost to manufacturing sector in the country. Subsequently, Government embarked upon a number of initiatives on ease of doing business. A number of regulations and procedures were either done away with or eased. Foreign investors have now shown unprecedented interest for investment in the manufactur .....

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ible even in a short period of time. Foreign direct investment has shown substantial increase across the sectors. During the period October, 2014 to March, 2015, FDI inflow recorded a growth of 38% from US $ 18.13 billion in US $ 24.95 billion. More than 50 percent of the FDI was received from October, 2014 to March 2015. FDI equity inflows also increased from US $ 11.7 billion to US $ 16.24 billion, recording an increase of 39 percent. See the chart below: Cardinal principle of the FDI policy o .....

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