New Delhi: Putting its economic liberalisation agenda on the fast track, India on Monday relaxed its foreign equity norms further, notably in defence, aviation, pharmaceuticals and retailing, with automatic approval rather than a case-based route as the preferred model. In aviation, extant policy allowed up to 49 per cent foreign equity in scheduled airlines under the automatic route. Now, while the cap has been raised to 100 per cent, up to 49 per cent would be under automatic and beyond that will be under the government approval routes. Then in pharmaceuticals, both greenfield and brownfield projects could get 100 per cent foreign capital, but with an automatic route for the former and government route for the latter.
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