NEW DELHI: India's cabinet announced on Wednesday that it would ease restrictions on foreign investment in four key sectors in a bid to shore up support for the flagging economy.
India's commerce and industry minister Piyush Goyal said the measures would"boost exports ... and create massive job opportunities". The auto sector has been particularly badly hit, with car sales plunging in July for the ninth month running, while weak consumer spending and high taxes have hit demand for everything from biscuits to hair oil.Finance Minister Nirmala Sitharaman recently revealed several measures to help the economy, including bringing forward a US$10-billion liquidity lifeline for credit-shy banks and rolling back an extra levy on equity sales that had spooked foreign investors.