The RBI has overhauled its External Commercial Borrowing framework, shifting from sector-based to entity-based eligibility under FEMA 1999. The revised norms open overseas funding access for real estate developers, infrastructure firms, industrial parks, and agri ventures.

The Reserve Bank of India has proposed a historic draft framework allowing external commercial borrowings for real estate projects and intangible assets for the first time in over 30 years, potentially transforming India's foreign capital access landscape.