Since 1991, the regulatory environment in the country has been largely decontrolled and a business friendly environment has been created. Except for 15 industries of strategic, social or environmental importance, almost all the sectors of industry have been opened for foreign investment. Infrastructure sector, like telecommunications, power, ports, roads, mining etc. have been opened for foreign investment. A chart below gives some examples of foreign equity participation allowed. Foreign exchange controls have been relaxed.
Rupee is convertible on current account.
Full repatriation of profits is allowed. Trade policy is characterised by rationalised tariff levels and a drastic reduction in quantitative restrictions. Further decreases are planned. India along with 110 other countries, ratified the results of the Uruguay Round by signing the Final Act at Marrakech on April 15, 1994.