India now most open economy in world for FDI: PM Modi

New Delhi would become Asia's 3rd-largest economy the most open in the world

Prime Minister Narendra Modi hailed a sweeping liberalisation of rules on foreign direct investment (FDI) on Monday, saying they would make Asia's third-largest economy the most open in the world.

"Key reform decisions were taken at a high level meeting chaired by the PM, which makes India the most open economy in the world for FDI," PMO India said in a tweet.

In a second tweet, he said the changes would provide a "major impetus to employment and job creation in India."