FIPB scrapped to ease FDI |
India`s Finance Minister Arun Jaitley during Parliment Budget Session on Feb 1, 2017, announced scrapping of Foreign Investment Promotion Board to ease the inflow of Foreign Direct Investment (FDI). He also announced an increase of 36 per cent in FDI flow. The FDI flow has increased by 36 per cent and the forex reserves are at USD 361 billion in January which is enough to cover 12 months . The move has been done to ease the path for foreign companies to invest in the country. Delivering the Budget, the finance minister said that over the last three years, over 90 per cent of FDI proposal have come through the automatic route because of the substantive measures taken by the govt in regard to Foreign Direct Investment policy. So , it makes sense to do away with the FIPB. Jaitley also said that government will announce the roadmap for phasing out FIPB over a period of some time. Presenting govt`s reform agenda to push for stable and stronger institutions, Jaitley said the govt is considering further liberalisation in The Foreign Investment Promotion Board is currently the only platform in India which allows for applications to be filed on FDI for approval.
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