Air India sale: FDI limit for NRIs raised to 100 per cent
To accommodate a smooth sale of Air India, the government has increased the Foreign Direct Investment (FDI) limit for the non-resident Indians (NRI). The initiative comes as the government's long term plan to disinvest in Air India.
Union Minister Prakash Javdekar, in a press conference, said, "NRIs who are Indian nationals will get permission to invest Air India. This will pave the way for fresh investments. Passengers will continue to get better and better services and it will also improve the business environment," said Javadekar."
Javdekar hailed the Modi government for making policies that have directly resulted in India being one of the most attractive destinations for foreign investment.
In her press conference, Finance Minister Nirmala Sitharaman also said, "Cabinet approves Companies (Second Amendment) Bill, 2019. Bill removes criminality under the Act. This Bill furthers ease of living for law-abiding corporates and de-clogs the criminal justice system in the country."