Photo: PTI
New Delhi: Finance Minister Nirmala Sitharaman announced on Tuesday that regulations governing Foreign Direct Investment (FDI) will be simplified in an effort to draw in more funds into the country.
The minister stated that the government will release a five-year vision document for addressing the financial demands of the economy while presenting the Union Budget 2024–25.
Efforts will also be made to nudge privatisation and use Indian rupee for overseas investments, she said.
“FDI and overseas investment rules will be simplified to facilitate foreign direct investment, nudge prioritisation, and promote opportunities for using Indian rupee as a currency for overseas investment,” Sitharaman said during the speech.
Currently, the Indian rupee is trading at 83.6313 against the US dollar.
With PTI inputs