The government is considering a series of procedural changes including remodelling the Foreign Investment Promotion Board (FIPB) into a think tank, introducing a single window clearance for investors and increasing FDI caps in in various sectors including telecom and real estate.
The new secretary in the department of industrial policy and promotion, Piyush Mankad, said with most sectors having moved to the automatic route for approvals, and with the rest slated to follow soon, the FIPB is losing its relevance as a body for approvals for foreign direct investment.