The series of foreign direct investment proposal approved by the Union Cabinet in key areas of defence, insurance and telecom along with others would provide the much needed boost to the Indian economy, a top Indian industry leader has said.
"It is good news for India, a very bold and a significant step," Chandrajit Banerjee, Director General of the Confederation of Indian Industry (CII), told PTI.
The announcements of reforms have come at a very important time, because the country is facing various challenges in terms of growth and deficit, he said.
"This would really help both in terms of improving in terms of our revenue, in terms of our investment and in terms of Indian companies to grow," he said.
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