Another step forward

Liberalisation of FDI norms augurs well for the economy

The government has an enviable record when it comes to attracting foreign direct investment (FDI). The decision to liberalise FDI norms, taken by the Union Cabinet on Wednesday, is likely to further improve that image. Already, FDI inflows have doubled from $30.05 billion in 2013-14 – the last year of the United Progressive Alliance government – to $60.08 billion in 2016-17, an all-time high. Apart from the key change in civil aviation, which has allowed foreign airlines to invest up to 49 per cent under the approval route in Air India, the government has tweaked the FDI policy for single-brand