Home Business Ministries to decide on FDI proposals within 60 days: Govt

Ministries to decide on FDI proposals within 60 days: Govt

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FDI proposals

The government said that Ministries will have to decide on FDI proposals within 60 days of the application and any rejection will need concurrence of the Department of Industrial Policy and Promotion, DIPP.

India had last month scrapped the 25-year old foreign investment advisory body Foreign Investment Promotion Board, FIPB in an attempt to attract more FDI by providing quick approvals.

In an office memorandum, the Finance Ministry said subsequent to the abolition of FIPB, concerned administrative ministries have been alloted the work of granting approval for foreign investment in the specific sector.

It said, the Standard Operating Procedure will involve the process of inter-ministerial consultation for the examination of FDI proposals, wherever necessary. All pending applications with the FIPB would be transferred to the administrative ministry and oversight of the FIPB portal shall be transferred to the DIPP.

FDI approval decisions in majority of the sectors have been relegated to concerned ministry and those relating to private security agencies would be decided by the Home Ministry.

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