The government will soon unveil an alternative mechanism for clearing foreign direct investment proposals in the country, following the Budget announcement to abolish the Foreign Investment and Promotion Board, a senior official said on Monday.
“The idea is to do away with one layer of approval that existed so that the process of investments becomes easier,” said Saurabh Garg, Joint Secretary, DEA, Ministry of Finance. “We would do [this] in a transparent manner so that existing proposals already in the pipeline get their necessary approvals and we hope at a very early date to have the alternative mechanism in place and put in the public domain.
“The transition won’t be disruptive and won’t involve investors having to wait for six months to find out about their proposals,” Mr. Garg said. “We will ensure that it’s done in a non-disruptive manner, which doesn’t increase problems for investors,” he said.
