India approves foreign investment hike in railways, - TopicsExpress

India approves foreign investment hike in railways, defense Indias cabinet has approved plans to open its defense and railways industries to foreign investment as new Prime Minister Narendra Modis right-wing administration moves to reform and revive the ailing economy. Cabinet agreed late Wednesday to increase the limit on foreign direct investment in defense to 49 percent from 26 percent, and allow unlimited investment in railway infrastructure, according to the Press Trust of India news agency. Cabinet approval comes on the eve of US Secretary of Defence Chuck Hagels visit to India to strengthen ties between the two militaries and to drum up defense deals. - Yahoo Singapore

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