In a bid to further ease doing business in India, the Union cabinet on Wednesday abolished the over 25-year-old Foreign Investment Promotion Board (FIPB) that vetted foreign direct investment (FDI) proposals.
"The cabinet today (Wednesday) approved the ending of the FIPB," Finance Minister Arun Jaitley told reporters here following a cabinet meeting.
The Union Budget 2017-18 had made an announcement in this regard, Jaitley said, and added that with the liberalisation of FDI rules, 90 per cent of FDI was coming in anyway through the "automatic" route, without needing FIPB clearance.
--IANS
bc/vt
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