Ministries get 60 days to decide on FDI plans

With the abolition of the Foreign Investment and Promotion Board (FIPB), the ministries tasked with clearing foreign direct investment proposals in the 12 sectors that need government nod would have to take a decision within 60 days, the finance ministry said.

The Cabinet had last month approved the abolition of FIPB, which was the authority clearing foreign direct investment (FDI) proposals for 25 years.

In a memorandum on Tuesday, the finance ministry said the Department of Industrial Policy and Promotion, in consultation with the administrative ministries, would come out with standard operating procedures to process FDI proposals and ensure “consistency of treatment