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    <description>The paper analyses the evolution and instruments of India&#039;s FDI policy-equity caps, entry routes and conditionalities-and the 2009 redefinition separating ownership from control, which treats downstream investments by resident owned and resident controlled entities as domestic; it highlights resulting expanded equity funding space for Indian firms, potential circumvention of sectoral caps via cascading structures, arbitrage risks, and poses consultative questions on the continued relevance of caps versus sectoral regulatory conditions.</description>
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