KACHARAGADLA

India approved a plan on Wednesday to allow residency status to foreign investors, adding new impetus to create a real free market as it continues to unveil reforms on FDI policies and restrictive business regulations. With $63 billion worth of foreign investment, India was the top destination for foreign direct investment (FDI) last year. It raced past China, which was at the top for many years. This year, things are looking much brighter for Asia’s third-largest economy, which has seen a 23% rise in foreign direct investment to $55.5 billion in the fiscal year to March, according to Reuters. To be eligible, foreigners would have to invest $1.5 million over 18 months, or $3.7 million over three years, resulting in jobs for at least 20 resident Indians every fiscal year, the government said in a statement. Those who meet the criteria would be eligible to stay for 10 years. The residence permit can be extended by a decade. But will this residency plan, which is being compared