FIPB approves 15 foreign direct investment proposals worth Rs 12,000 crore
The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, has cleared 15 foreign investment proposals worth Rs 12,200 crore, which includes investments from Apollo Hospitals, Hindustan Aeronautics, Dr Reddys and Vodafone.
Inter-ministerial body FIPB on Tuesday approved 15 investment proposals, including that of Apollo Hospitals, Hindustan Aeronautics, Dr Reddy's and Vodafone, envisaging foreign investment of Rs 12,200 crore.
"15 out of 24 FDI proposals were approved while three were rejected," sources said.
The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, deferred 6 proposals, including that of Gland Pharma with the proposed FDI inflow of Rs 8,800 crore.
These proposals were deferred for further consultation and want of more information, sources added.
Among the proposals approved, Twinstar Technologies will alone bring foreign capital of about Rs 9,000 crore into the country.
Besides, proposal of Apollo Hospitals worth Rs 750 crore and public sector Hindustan Aeronautics worth Rs 170 crore for helicopter manufacturing also got green signal from the board.
The government has already announced winding up of FIPB by putting in place a new mechanism, a move which will further improve ease of doing business.
ALSO READ: Government approves 6 FDI proposals worth Rs 1200 crore
Finance Minister Arun Jaitley in his Budget 2017-18 announced abolishing FIPB saying 90% of the foreign investment approvals are via automatic route and only 10% go to the board.
Currently, FIPB offers single-window clearance for applications on FDI in India that are under the approval route. The sectors under automatic route do not require any prior approval and are subject to only sectoral laws.
India allows FDI in most sectors through the automatic route, but in certain segments that are considered sensitive for the economy and security, the proposals have to be first cleared by the FIPB.
With growth in FDI in important sectors like services and manufacturing, overall foreign inflows in the country rose by 30% to $21.62 billion during the first half of 2016-17.
FDI in the country grew by 29% to $40 billion in 2015-16 as against $30.94 billion in the previous financial year.
ALSO READ: Govt expects high FDI inflow momentum to continue in 2017
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.