Union Finance Minister Arun Jaitley has said that investment is very essential for the improvement of quality of life and generating employment. Delivering his key note address at Nepal Investment Summit at Kathmandu this evening, Mr Jaitley said that Government of India has decided to abolish Foreign Investment Promotion Board and 90 per cent of all investment in India now comes through automatic route. <br/><br/>He also said that to eliminate reform controversy, government has decided to have completely non-discretionary method of allocation of resources. Mr Jaitley said that Nepal is having a huge potential for development and India is deeply committed to help Nepal in its desire for growth. He also said that Government of India and Indian companies are looking forward for much more developed Nepal. Finance Minister also appreciated Nepalese government for taking excellent initiative to invite investors from across the globe. <br/><br/>