It is good news for economy. Government's announcement of liberalised rules for Foreign investment will definitely help in creating favourable environment for more foreign investments. These steps along with the measures announced by Nirmala Sitharaman earlier will create attractive destination to India. The international finance identified India as one of the destinations for their big ticket investments.
The relaxation of rules towards local sourcing will facilitate big corporates to invest in India. Apple is eagerly waiting for these relaxations. It is nothing but follow up action of Budget announcements. Similarly, allowing 100% FDI investment in Coal mining and accessory activity is a welcome step. Also the easing of norms for Insurance intermediaries is also one of the important announcement. This trend of reforms should be continued on priority to make Indian economy, one of the attractive destination to international capital.
Having limited resources domestically, attracting international capital is the major path to boost the the Indian economy. Private investment is the only way to come over from the present slowdown and to rejuvenate the economy. The Chinese growth story totally depended on global investments. Hong Kong, Singapore, South Korea are another examples of asian jewels and it occured because of huge international finance and capital. Atlast , India realised, though late, the importance of Capital. The domestic thinking also changed a lot in the last two decades. Otherwise, we would be satisfied comparing with Pakistan. india is able to speak affirmatively on global stage because of our economic strength. Attitude towards India changed a lot after we became economically powerful.
With these measures and also upcoming proposals, India is looking forward much more glorious days in future.