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After Receiving Sizeable FDIs, Government Puts Investment Nod Plan
June 19, 2017
After deciding to dismantle the Foreign Investment Promotion Board (FIPB) and assigning FDI related tasks to the appropriate ministries, the government has placed a time-bound plan for approving the received foreign investments.
The amount of FDIs received by India in 2016-17 was recorded $61 billion- a jump from previous fiscal’s $55.6 billion.
The Department of Industrial Policy and Promotion (DIPP) has sent a note to all the ministries that will be handling the FDIs now mentioning that under the new regime that emphasizes on digital filings, execution would be “simpler”. It also said that up to 10 weeks would be enough to give approval to the foreign investment proposals.
