On the last day of the last fiscal year, Minister of Commerce and Industry, Anand Sharma announced something that so easily can usher in a new era for the cantering Indian economy. A single, consolidated FDI policy document dated March 31, 2010, rescinding in its wake over 100 past confusing notifications, now sets the agenda for opening up the Indian economy even further, by way of foreign direct investments. In fiscal 2009-10, FDI equity inflows are expected to be around USD 27 billion (about the same levels as 2008-09). But the target from here on is to double the annual inflow to USD 50 billion by 2012, and to USD 75 billion by 2014. That would indeed release much needed energy into the economy, and if things go according to the UPA Government’s plans (its term lasts till 2014), then India, in all likelihood, is ready for the big leap forward.

FDI is our big story on our April cover. We’ve recorded the most important sectors where FDI inflows are expected. By and large, 100 per cent FDI is permitted in sectors as diverse as tea plantations and power, greenfield airports and medicare. Efforts are on to raise the cap in sensitive sectors such as defence production from 26 to 49 per cent. In others such as news media (print and electronic), the cap remains at 26 per cent. The new policy document has a shelf life of six months, after which it gets replaced by a fresh one on September 30. To us clearly, the opportunities, especially for NRIs and PIOs, loom large on the Indian horizon. Now, it seems, is the time to be a part of India’s growth story.

Elsewhere in the issue we have a report on the Indian Development Foundation for Overseas Indians. The IDF has a mandate to ensure that NRI philanthropists are able to work with credible organizations in India. Once credibility is established, much more can be expected at the grassroots level, than at present. It could transform the face of rural India.

The Bihar Foundation, an organization set up by the state of Bihar to attract investment from the Bihari diaspora, held a gala event in Dubai. The proceedings show us how aggressive Indian states have become in reaching out to the Indian Diaspora. This is always a good sign.

Happy reading.