India is looking at further easing foreign direct investment (FDI) norms and allowing investments in certain sectors that continue to have restrictions, according to commerce and industry minister Piyush Goyal, who recently told the India Global Week 2020 Summit that the government will also come out with a new industrial policy and a forest policy soon.

"We are looking at the banking sector and capital market reform, so the agenda is vast and we are open to new ideas", Goyal said.

"Further work on improving the ease of doing business are also ongoing with the ministry working on simplifying domestic approvals and beaureacratic processes", he was quoted as saying by Indian media reports.

The new industrial policy will absorb the 2011 National Manufacturing Policy and focus on technological issues of Industry 4.0, apart from furthering the government’s push of the Digital India initiative, according to the department for promotion of industry and internal trade (DPIIT).

The government had offered to begin trade talks with both the United Kingdom and the European Union after the Brexit exercise was over, the minister added.

Fibre2Fashion News Desk (DS)

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