India on Thursday eased the norms for foreign retailers such as Walmart and Carrefour to set up shop in the country and raised FDI caps in several sectors to boost forex inflows, revive the floundering economy and check the rupee's free fall, Economic Times reported.

The government has raised the cap on foreign direct investments to 100% in telecom and more than 26% on a case-to-case basis in defence, and allowed FDI up to 49% under automatic route in nine sectors including single-brand retail, state-run oil refineries, commodity bourses, power exchanges, stock exchanges and clearing corporations.

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