In order to provide major impetus to employment and job creation in India , the government on Monday liberalized its foreign direct investment strategy, bring most of the sector under automatic approval route. The decision, which is second in series after radical liberalization in FDI in November 2015, was taken at a high-level meeting chaired by Prime Minister Narendra Modi today.“Now most of the sectors would be under automatic approval route, except a small negative list. With these changes, India is now the most open economy in the world for FDI,” an official statement from PMO said.Key changes include allowing 100% FDI under government approval route for trading, including through e-commerce, in respect of food products manufactured or produced in India and permitting up to 100 per cent FDI in defence sector. The other sectors that have benefitted include the broadcasting, pharmaceuticals, civil aviation, single brand retail among others.In last two years, BJP-led NDA Government has brought major FDI policy reforms in a number of sectors like defence, construction development, insurance , pension sector, broadcasting sector, tea, coffee, rubber, among others.As a result. FDI inflows into the country has increased at $ 55.46 billion in 2015-16 as against $36.04 billion during 2013-14. This is the highest ever FDI inflow for a particular financial year.“However, it is felt that the country has potential to attract far more foreign investment which can be achieved by further liberalizing and simplifying the FDI regime,” the statement said. Accordingly the government has brought about increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment.“These amendments seek to further simplify the regulations governing FDI in the country and make India an attractive destination for foreign investors,” it said.