Social media giant Facebook on Wednesday announced to invest Rs 43,574 crore into Jio Platforms, the investment will translate into a 9.99 per cent equity stake in Jio Platforms, the largest FDI in the Indian tech sector.
The series of pathbreaking and ambitious reforms unleashed by the Modi government in the last few years will make India a very competitive and productively-efficient economy in the long run, a top Indian official said on Friday.
In big bang FDI reforms ahead of the budget, the government today permitted foreign airlines to invest up to 49 per cent in debt-ridden Air India, and eased norms for investment in single brand retail, construction and power exchanges.
Finance Minister Arun Jaitley opined that India has become the most favourable and attractive destination for the receipt of Foreign Direct Investment (FDI), adding that India is the “largest recipient of FDI in the world.”
FM Arun Jaitley has stated that the FDI flows to India have increased in 2016-17, over that in 2015-16, indicating improve in the global confidence of the economy.
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