FIPB to take up 36 FDI proposals on Tuesday

Source: Economic Times

An inter-ministerial panel on February 17 will take up 36 foreign direct investment (FDI) proposals, including that of Quikjet Cargo Airlines and Holcim (India).

The Finance Ministry said the Foreign Direct Investment Promotion Board (FIPB), headed by Finance Secretary Rajiv Mehrishi, will meet on Tuesday to take up the proposals.

Other FDI proposals on the agenda include that of India Value Fund IV, O-Zone Networks, INX Music, SNC- Lavalin Mauritius, Thornton Tomasetti Inc and CLSA India.

FIPB, a single window clearance system for proposals on FDI, secretaries drawn from different ministries.

India allows FDI in most of the sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.

During April-November period of this fiscal, FDI in India grew by 22 per cent to USD 18.88 billion.

Government has taken a slew of steps in the recent times to liberalise policies for foreign investors in the country. FDI cap in defence and insurance has been increased, while the railways sector have been opened for foreign investment.

Foreign investments are considered crucial for India, which needs around USD 1 trillion over five years (2012-17) to overhaul its infrastructure sector such as ports, airports and highways to boost growth.

Sectors, which attracted maximum FDI include services, telecom, metallurgical industries, power, computer hardware & software and construction.

FIPB, a single window clearance system for proposals on FDI, secretaries drawn from different ministries.

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