Finance Ministry looks to expedite clearances to FDI proposals

Stressing that fast clearances and automatic process are key to recent surge in FDI inflows, Economic Affairs Secretary Shaktikanta Das on Thursday said all FDI applications received up to March 15 are listed in agenda for the next meeting of Foreign Investment Promotion Board (FIPB).

"All applications received up to March 15 listed in agenda for next meeting. Four weeks time is given for inter ministerial consultations. Fast clearances and automatic process are key to recent surge in FDI inflows. Reflective of investors' confidence on India," Das said in a series of tweets.

FIPB will in its next meeting on April 29 take up 14 FDI proposals, including that of Axis Bank and Wockhardt Ltd. FIPB, chaired by Economic Affairs Secretary, will also consider the proposal of Aurobindo Pharma, One97 Communications, Advanced Enzyme Technologies and Macmillan Publishers International Ltd. The other proposals which are before the FIPB include Janalakshmi Financial Services Ltd, Funai India Pvt Ltd, Jasper lnfotech, Fans Asia Pvt Ltd and DCNS.

The NDA Government has been liberalising the FDI regime and has brought a number of sectors under the automatic route. Investments in sectors that are not under the automatic route require FIPB approval. Currently 98 per cent FDI into India comes through automatic route.

Foreign direct investment (FDI) into the country increased by 40 per cent to USD 29.44 billion during April- December of 2015-16. The foreign investment inflows were at USD 21.04 billion in the same period of previous fiscal.