In a significant move aimed at improving bilateral economic ties with Pakistan, the Industry Ministry has written to its finance counterpart to permit foreign direct investments (FDI) from the neighbouring country. "The Department of Industrial Policy and Promotion (DIPP) has sent a proposal to Finance Ministry for changes in FEMA to allow FDI from Pakistan," a top official said. The government, the official added, could change the Foreign Exchange Management Act (FEMA) regulations to allow FDI from Pakistan by "simply issuing a notification." India has been taking steps to improve trade relations with Pakistan. Commerce, Industry and Textiles Minister Anand Sharma is currently visiting Pakistan along with a big industry delegation.
Source: Money Control
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