The new 119-page annual FDI document details all existing policy decisions and also the changes made over the past one year by the Modi govt, including the raise in FDI cap in defence and insurance. From 26%, the limit has been hiked to 49%, much to the joy of foreign corporates whose money played a key role in catapulting Modi to power last year.
In fact, Amitabh Kant, Secretary in the Department of Industrial Policy & Promotion (DIPP), which is also the nodal agency on FDI policy, has declared, "In the last eight to nine months, we have opened up every single aspect of India's economy. We have opened up our defence sector, construction, insurance, medical devices... and other than multi-brand retail, India today is the most open economy in the world." 'Open economy', needless to say, is a euphemism for 'foreign corporate-appeasing economy.
Latest from Super User
- Observe 12th December as No to CAB, No To NCR Day, Burn CAB Copies.
- Fake Encounter Killing of the Four Accused in Disha’s Gang Rape
- Disha gang Rape and Murder accused assassination by Telangana State police is unacceptable fascist measure!
- CAB, Strategic Weapon Towards Hindu Rashtra
- Observe Dr. Ambedkar Day, 6th December