Narendra Modi govt clears 100% FDI in defence and aviation

A day after Raghuram Rajan’s announcement of not seeking a second term as the Governor of Reserve Bank of India (RBI), the government on Monday relaxed Foreign Direct Investment (FDI) norms, putting most sectors under the automatic route. The norms have been eased for single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and defence sectors.