Rajat Jain,
Managing Director,
Xerox India Limited
“The maiden budget presented by the new government has been high on intent and has laid out initial steps to kick-start growth, tame inflation, fiscal consolidation, attract foreign capital as well as push through economic reforms. A composite cap of foreign direct investment (FDI) in defense and insurance raised from 26 percent to 49 percent will provide a big relief to the capital-starved private insurance sector and get much needed capital from overseas partners. The requirement of the built up area and capital conditions for FDI is being reduced from 50,000 sq m to 20,000 sq m and from USD 10 million to USD 5 million respectively with a three years post completion lock-in; thereby encouraging development of smart cities.”
