Ninety-nine FDI proposals in a state of limbo, admits minister
DSIJ Intelligence / 10 Aug 2017
Up to 99 foreign direct investment (FDI) proposals were pending with 11 ministries or departments, informed Commerce and Industry Minister Nirmala Sitharaman.
Up to 99 foreign direct investment (FDI) proposals were pending with 11 ministries or departments, informed Commerce and Industry Minister Nirmala Sitharaman.
Some of these ministries are Department of Economic Affairs, Department of Pharmaceuticals, DIPP, and Department of Telecommunications.
The government, through the erstwhile Foreign Investment Promotion Board (FIPB), had already been considering and taking decisions on FDI proposals in the sectors on an approval route. The work of granting government approval for foreign investment in 11 notified sectors/activities requiring government approval under the extant FDI Policy and Foreign Exchange Management Act (FEMA) has now been entrusted to the concerned administrative ministries/departments.
Consequently, a standard operating procedure (SOP) for processing FDI proposals was also issued on June 29, 2017, added Sitharaman.
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