A plan to authorise limited liability partnerships is under discussion
According to Realty.com, India proposes to attract foreign direct investment, in hopes to create jobs in this pandemic-facing economy, by easing foreign investment rules for various sectors, including construction.
A plan to authorise limited liability partnerships to invest in the construction of roads, hotels, townships, and hospitals is under discussion.
As a result of the pandemic, India’s economy has contracted heavily and unemployment is still increasing, even months after the pandemic-induced lockdown.
Allowing limited liability partnerships will unfold a new investment avenue during this hardship. The government approximates that India will need USD777 billion worth of investment across infrastructure for development by 2022.
Government data indicated that the construction sector received foreign investment inflows worth USD25.7 billion from April 2000 to September 2020.
The easing of rules will also place Prime Minister Modi’s government a step closer to its target of developing affordable housing for residents in urban areas by 2022, including the construction of 100 smart cities.
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