MUMBAI, Oct 6: Indian Merchant Chamber (IMC), an apex body for trade, commerce and industry in the western region of India, has welcomed the new wave of reforms initiated by the government, including a proposed increase in foreign investment limit to 49 per cent from 26 per cent in the insurance sector and opening up of the pension sector for FDI.
Niranjan Hiranandani, president of IMC, said in a release, the move will provide a golden opportunity to Foreign Institutional Investors (FIIs) to participate proactively in the development of key service industries and bring more and high quality capital into the economy.
This is a clear signal by the government that policy paralysis is a thing of the past, and that the Indian economy is able and willing to keep step with the rest of the world, Mr Hiranandani added.
(UNI)
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