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Tuesday, 21 June 2016 - 12:56
India Overhauls Foreign Ownership Rules
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India has announced a radical overhaul of its foreign ownership rules to attract more overseas investment.

Airlines and some defence industries may now be 100% foreign owned - up from 49% and 74% respectively.

And for overseas retailers there's respite from a rule that required 30% of what they sold to be Indian sourced.

The move will be welcomed by brands like IKEA and Apple which see India as the next big market, reportedly.

Investment rules in pharmaceuticals and food production have also been relaxed.

The new rules were introduced "with the objective of providing major impetus to employment and job creation in India," the government said in a statement.

"With these changes, India is now the most open economy in the world for FDI [foreign direct investment]."

Prime Minister Narendra Modi last announced major reforms in November 2015.

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