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In a research report, the US-based rating agency said bureaucracy could slow approval processes in obtaining licences and setting up businesses, prolonging project gestation.
It said that the foreign inflows are increasing despite challenges like a military operation in Ukraine and COVID-19 pandemic.
The Stalin government, which assumed power on May 7, 2021, is advised by a panel of international repute and the government intends to create a vibrant, $1-trillion-strong market by 2030.
Major changes in financial sector have come ahead of meetings between the Indian prime minister and the US president since the time of original reformer PV Narasimha Rao.
The country had received FDI of $44.36 billion during April-March 2018-19.
India has drafted rules proposing tighter scrutiny of new Foreign Portfolio Investors (FPIs) from China and Hong Kong.
The government on Saturday made its prior approval mandatory for foreign direct investments (FDI) from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms, a move which will restrict FDI from China.
Countries which shares land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan.
The cabinet also allowed 100 per cent foreign investment in coal mining and contract manufacturing.
The CBI has booked NDTV promoters Prannoy Roy and Radhika Roy and others for allegedly violating foreign direct investment (FDI) rules in a 2007-09 investment, a charge denied by the company.