Govt approves phasing out of 25-year-old Foreign Investment Promotion Board

FDI applications needing govt approval to be handled by the concerned Ministries/Depts The Union Cabinet on Wednesday approved phasing out of the 25-year-old Foreign Investment Promotion Board (FIPB). The FIPB is the inter-ministerial body — or a single window clearance mechanism for applications on foreign direct investment (FDI) in India in sectors under the government approval route. The move to phase out the FIPB is aimed at making India a more attractive FDI destination and increasing FDI inflows by providing greater ease of doing business and promoting the ‘Maximum Governance and Minimum…

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