The cabinet has approved amendments to the foreign direct investment (FDI) regime in India with respect to for investments into India with beneficial ownership originating from countries sharing land borders with India (LBCs). The investments from these countries will now be allowed with non-controlling beneficial ownership of up to 10% through the automatic route, subject to sectoral caps and disclosure requirements. Earlier, overseas firms with shareholders from these nations had to seek mandatory approval to invest in India in any sector. It also provide a definitive 60 day timeline for clearing investment proposals from these countries in specified manufacturing sectors.