India's Cabinet Approves Foreign Investment Hike In Defense, Railways

(Reuters) - The cabinet approved a plan on Wednesday to raise the amount of foreign direct investment allowed in its defense and railways industries, part of Prime Minister Narendra Modi's efforts to attract more foreign cash and revive the economy. The government is to increase the foreign investment limit in the defense industry to 49 percent from 26 percent, a senior cabinet minister told Reuters following a cabinet meeting.