Misnomer here, wholly foreign owned companies were there there for more than a decade. What the law is said to do is to remove "qualitative distinctions" in between 3 foreign owned company types.

It will not end the prohibition on foreign ownership in restricted industries.

What it will do is that the state will not be allowed to say "you can't do that, but we will let you do it in a joint venture"

Now, the question in between doing a JV and setting up an own company is up to an applicant in every industry.