Boost for smart cities as FDI rules in construction eased

The government has eased rules for foreign direct investment in the construction sector, two local television channels said on Wednesday, citing unnamed sources.

The move will facilitate overseas capital to invest in building homes, offices and shopping centres in Asia's third-largest economy, helping Prime Minister Narendra Modi deliver on his promise of creating 100 smart cities in India by 2020.

In its maiden budget in July, Modi's administration had proposed easing built up area and minimum capital requirement for foreign investments.

(Reuters)