India hopes to lure foreign brands to stimulate economy


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India’s government announced on Wednesday that global single-brand companies will no longer need permission to open stores in the country, as reported by Bloomberg.

Brands such as Apple, which has long lobbied to open in India (The New York Times), will now be able to expand their retail presence and sell to the country’s 1.2 billion people. The government will also allow foreign airlines to buy up to 49 percent of Air India (Hindustan Times), which is currently up for sale and facing a debt of around $8 billion (Forbes).

Prime Minister Narendra Modi is implementing more relaxed regulations and also revamped India’s tax system in 2017 in an attempt to stimulate the country’s economy. In the last fiscal year, foreign investment in the country increased by 8 percent reaching $60 billion, as reported by The New York Times.

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