With a view to strengthen the investment climate in the economy, The Government of India had set up a Cabinet Committee on Investments (CCI) chaired by the Prime Minister, liberalized the FDI in multi-brand retail, aviation and broadcasting and took initiatives to fast track large investment projects in the areas of power, petroleum and gas, roads, coal, etc.
The third stage has been the ongoing European sovereign debt crisis, which became visible to the whole world in Greece in May 2010. It was initially perceived as a problem of what is known as the “euro-area periphery”. Now, in the fourth stage of the financial crisis, however, it is no longer limited to these countries.