India proposes opening up insurance, aviation wider to help revive growth

Prime Minister Narendra Modi's government on Friday proposed giving foreign...

NEW DELHI - Prime Minister Narendra Modi’s government on Friday proposed giving foreign investors a bigger role in India’s giant insurance and aviation sectors to help reverse weakening growth and investment that threatens to take the shine off its recent landslide election victory.

Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion that a government report on Thursday said will be done on the back of higher investment, savings and exports in the way China’s growth was propelled. India currently allows foreign direct investment in single-brand retail but mandates investors to source locally 30 percent of the value of good purchased .

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