Breaking News

You are here » Indian-Commodity  :  Economy  :  Govt to clear FDI proposals within 8-10 weeks

30-Jun2017

Govt to clear FDI proposals within 8-10 weeks

In order to improve the investment climate of the country, the government will clear all foreign direct investment (FDI) proposals within a maximum of 10 weeks after the receipt of an application as per the Standard Operation Procedure (SOP) released by the Department of Industrial Policy and Promotion (DIPP). The newly formulated SOP will replace the 25-year old foreign investment advisory body- the Foreign Investment Promotion Board (FIPB) which has been abolished by the government.

As per the SOP guidelines, proposals not requiring security clearance will be cleared in eight weeks, while applications that require security nod would take a cumulative time period of ten weeks. Besides, DIPP will get an additional time of two weeks for consideration of the proposals proposed for rejection or where additional conditions which are not provided in the FDI policy are proposed to be imposed by the competent authority.

Furthermore, the FDI proposals requiring government's nod need to be scrutinized by the concerned ministries or departments and such proposals will be filed online on the revamped FIPB portal which has been renamed as Foreign Investment Facilitation Portal (FIFP). FDI applications which require security clearances include investments in broadcasting, telecommunication, satellites, private security agencies, defence, civil aviation and mining & mineral separation of titanium bearing minerals and ores.


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......