After the Bharatiya Janata Party-led National Democratic Alliance's crushing defeat in the Bihar Assembly elections, Prime Minister Narendra Modi is now pushing a multi-faceted foreign direct investment plan.
The Centre is pushing for Foreign Direct Investment in 15 sectors including banking, pharmaceuticals, infrastructure, plantation, defence, broadcasting and construction.
The development comes ahead of Modi's trip to UK where he will try to push for his pet project 'Make in India' and will invite business leaders to invest in India.
Hailing the decision, economist Lord Meghnad Desai said, "This will be important for economic reforms. It's good that government started early on reforms process."
The remarks also assume significance as the opposition is set to corner the government on various issues like beef controversy, award return and others in the winter session of Parliament. It is also a fear that the session is likely to be washout and a repeat of monsoon session.
Former Secretary at Ministry of Industry and Commerce Ajay Dua said, "This is not a major reform but it is more than a routine reform. This will not bring a earth shaking change. I don't think there will not be a much change in health sector. Hopefully the FDI in construction will bring down prices of houses."
A formal announcement is likely to be announced later.
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