In the minds of foreign investors, doing business in India used to conjure up images of long queues, tedious paperwork and dealing with an endless bureaucratic maze. Much water has flowed under the bridge over the past decade with the Indian government’s initiatives to create an investor-friendly clime yielding rich dividends.
The publication of the biannual consolidated foreign direct investment (FDI) policy, which acts as a one-stop guide on foreign investment in India, is one such recent initiative. In this column, we sum up the highlights of Circular 2 of 2011.
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Good news and bad news
Education and real estate: FDI up to 100% is currently permitted under the automatic route in townships, housing and built-up infrastructure, subject to certain conditions. That means there is no requirement to obtain prior approval from the Reserve Bank of India (RBI) if the conditions are fulfilled.
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Siddharth Hariani is a partner and Davis Kanjamala is an associate at the Mumbai office of Phoenix Legal.
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