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Cabinet approves foreign investment hike in defence, railways

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - The cabinet approved a plan on Wednesday to raise the amount of foreign direct investment allowed in its defence and railways industries, part of Prime Minister Narendra Modi's efforts to attract more foreign cash and revive the economy.The government is to increase the foreign investment limit in the defence industry to 49 percent from 26 percent, a senior cabinet minister told Reuters following a cabinet meeting.Limits will be lifted altogether on foreign investment in railway infrastructure, although foreigners will still be barred from investing in railway ...

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First Published: Thu, August 07 2014. 00:40 IST