Indian government pushes further reforms despite setback in Bihar

A major move of reform came just after a day, Bharatiya Janata Party (BJP) government led by Prime Minister Narendra Modi suffered a crushing defeat in states of Bihar to local parties.

These new reforms will ease and simplify the process of foreign direct investment in 15 key sectors that includes manufacturing, defense, mining, broadcasting, private banking and many others. These new reforms will aim to push new FDI proposals more through automatic routes than current government channel, for which process is lengthy and painstaking.

Mr. Modi aspires to bring India to World Bank's top 50 countries in rank of ease of doing business by 2017, but that dream wouldn't be an easy one to fulfil, given India's current rank at 130th.

India this year has remained one of the top FDI destination in the world and if current government keep pursuing reforms like these, next year could also be similar.

Indian Rupee, however is trading close to its all-time record low against Dollar, worried over election outcome and FED hike. INR is now at 66.4 per Dollar.