PM Narendra Modi allows FDI via automatic route in 15 sectors

NEW DELHI: After a huge struggle Prime Minister Narendra Modi (NDA) defeated by Mahagathbandhan from a big difference seats in the Bihar assembly elections 2015. Still PM Narendra Modi government on Tuesday declared FDI through automatic route in 15 sectors including the railways, construction, insurance, pension, and defence, according to media report. Modi said that formal announcement in this regard will be activated as soon as possible. As many as 15 sectors could be opened up more in one of the biggest review of the foreign investment regime. India got foreign direct investment worth of USD 19.39 billion in the April-June quarter, according to government data, which is 29.5 percent more than that received in the same period last year. Finance Minister Arun Jaitley had said earlier that the defeat in Bihar elections will not impact the economic reforms process. He also said that there will be not bad effect due to Bihar assembly elections. He had added that the government would continue with economic reforms by taking executive actions and also in the Budget, which would be announced in February next year. On the specific question of the pending Goods and Services Tax (GST) bill, he had hoped that Bihar, which is a consuming state, would support the legislation.