India to streamline FDI approvals, modernise KYC norms: Goyal

The Indian government is prioritising process improvements and streamlined approvals to facilitate faster foreign direct investment inflows and provide greater certainty to international investors, Commerce and Industry Minister Piyush Goyal said on Thursday.

Speaking to media, Goyal emphasised that enhancing procedural efficiency across government agencies represents a significant opportunity to strengthen India's investment appeal. "Our focus is on process and procedures. There is tremendous scope to improve processes and procedures to help faster flow of FDI and to give comfort to investors," he said.

The minister noted that foreign investment faces restrictions in only a limited number of sectors, underscoring India's relatively open stance towards capital inflows. He indicated the government remains receptive to suggestions from industry stakeholders on further refining the investment climate.

Regarding specific measures, Goyal pointed to opportunities for accelerating approvals where investments require clearances from the Department for Promotion of Industry and Internal Trade or other government bodies. He stressed that modernising Know Your Customer norms alongside these procedural enhancements would collectively address investor concerns and reduce time-to-market for foreign companies establishing operations in India.