PM Modi set to review FDI policy today

Prime Minister Narendra Modi is set to reviews the foreign direct investment (FDI) policy on Friday, said reports.

A detailed presentation on certain proposed changes to streamline the foreign direct investment is likely to made by the commerce and industry ministry.

Finance Minister Arun Jaitley, Commerce Minsiter Nirmala Sitharaman along with other senior officials in the government will be present at the meeting. On June 7, Modi had said that India is being seen as a bright spot in the global economy where doing business has been made easier.

"Today, I am proud to share that India is getting record foreign investment," the prime minister had then said, giving the figures of 2016 in comparison to 2013. He had said that the Foreign Direct Investment has seen a huge jump from $34,487 billion to $61,724 billion since 2013.

Friday's meeting assumes importance as the government is considering relaxing FDI norms in several sectors, including construction and retail. It must recalled that foreign players are allowed upto 51 per cent stake in an Indian retail company as per the current FDI policy.

The BJP has in the past opposed foreign investment in the retail space. The inflow of foreign funds are key for India to keep up with its endeavour to improve its infrastructure. The government last year relaxed FDI norms in over a dozen sectors, including defence, civil aviation, construction and development, private security agencies, real estate and news broadcasting, said reports.