Hinduja welcomes abolition of FIPB

NRI businessman G P Hinduja, Co-Chairman of the Hinduja Group, today welcomed the abolition of Foreign Investment Promotion Board, saying it is a "step in the right direction" to improve the ease of doing business with India.
Describing the General Budget 2017-18 presented by Finance Minister Arun Jaitley as a "transformative budget", Hinduja said it aims at making the economy more competitive and transparent.
"The high investment in physical and social infrastructure and digital connectivity will lead to more jobs and income to households. This will also lead to increase in productive capacity, consumption and wider tax base," he said.

He said, "the economy will be comfortably placed in 8 to 10 per cent growth trajectory despite the temporary disruption of demonetisation and headwinds of protectionism in the developed world.
"Another welcome proposal is the reform of political funding which has been our long standing demand. The abolition of Foreign Investment Promotion Board is a step in the right direction to improve the ease of doing business with India.