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Easing FDI Rules Credit Positive for India: Moody's

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Moody's Investors Service has said the relaxation in foreign investment rules is credit positive for India and illustrates that the government's reform agenda remains on track. The US-based rating agency has a positive outlook on India's investment grade Baa3 rating. The government announced FDI reforms earlier this month, bringing more ndustries under automatic approval, raised sector caps for some sectors such as airlines and relaxed local sourcing requirements for single-brand retail. “The announcement ..demonstrates a continuation of reform momentum and paves the way for private nvestment and a boost in productivity,“ the agency said on Monday. It said higher FDI nflows will help support India's external financing needs at a time when portfolio flows have moderated. “Net FDI inflows have increased over the past two years, reaching record highs in the fiscal year that ended 31 March 2016 of $36.0 billion from $24.2 billion on average during the preceding three fiscal years,“ Moody's said. -Our Bureau
The Economic Times New Delhi,28th June 2016

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