Ministries, regulators can decide fate of FDI proposals: Sitharaman

FIPB processes proposals for foreign direct investments in India

With the government having decided to abolish the Foreign Investment Promotion Board (FIPB), foreign investment proposals might now be directly considered by the ministries concerned and regulatory bodies.

An inter-ministerial body under the finance ministry, FIPB processes proposals for foreign direct investments (FDI) in India.

Speaking to reporters, Commerce and Industry Minister Nirmala Sitharaman on Monday said of the six-seven per cent of the sectors not covered under the automatic route, every department has a departmental framework or a regulator for it.

“If there is a regulator for the department concerned, that is sufficient to take care of investment proposals which are coming