Cabinet nod for phasing out FIPB

May 25, 2017 12:00 am | Updated 04:24 am IST - New Delhi

FDI applications needing approval to be handled by ministries, departments

The Union Cabinet on Wednesday approved the phasing out of the 25-year-old Foreign Investment Promotion Board (FIPB).

The decision is aimed at making India more attractive for foreign direct investment (FDI) by improving ease of doing business and promoting the ‘Maximum Governance, Minimum Government’ principle.

The move entails abolishing the FIPB and allowing administrative ministries/departments to process applications for FDI requiring government approval. “Work relating to processing of applications for FDI and approval of the government” would now be handled by the concerned ministries/departments in consultation with the Department of Industrial Policy and Promotion (or the DIPP, in the) Ministry of Commerce, the government said.

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