Resistance to FDI a hangover of the past

The recent Cabinet decision to allow up to 51 per cent FDI in multi-brand retail and 100 per cent in single brand retail, subject to certain conditions, is a welcome step in cleaning up India's FDI regime and making it more in tune with the country's needs. Our FDI policy has moved hesitantly away from the licence raj mentality of protection against imagined foreign devils towards a more open and competitive environment. But much more needs to be done to free FDI policy and practice from the hangovers of the past.

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