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Stuart Fraser, Policy Chairman at the City of London Corporation, said: "Following a difficult year for Indian equity markets, it is very positive to see the Indian Government responding with measures to make direct investment by foreign pension funds, investors and trusts possible."
"India has the potential to be a very attractive investment destination, and Foreign Institutional Investors are already a major source of capital in the equity and corporate debt markets. These new measures to simplify the processes for direct investment are a welcome acknowledgement of the value which foreign investors bring to India,"he added.
The City of London has closely engaged with India in recent years, particularly recognising the critical importance of India to the UK-based financial services industry. It has an office in Mumbai.
Fraser said: "This liberalisation of rules for equity investments sees 2012 off to a very positive start, one that I hope to see develop over the year – crucially - with further progress on FDI policy and banking reform.
This process of reform recognises that India is a growing part of the global economy, and benefits from the investment made by companies from London – and across the globe."
He added: "I hope too that the new investment rules will encourage financial institutions to help their customers invest directly into India, increasing the funding that India is seeking for infrastructure development and to fund India’s growing businesses."
The City of London's engagement with India is guided by the City of London Advisory Council for India and delivered by City Office in Mumbai.
The council comprises senior Indian financial sector leaders and provides a formal structure for engagement with Indian financial services firms at a senior level.
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