Panel of secretaries working on simplification of FDI rules: Piyush Goyal

A reduction in the basic customs duty of gold to 6 per cent (from 15 per cent) will reduce smuggling, said Union minister Piyush Goyal

A government panel is working on simplification of foreign direct investment (FDI) rules, including speed of approval of proposals as well as switching to an automatic approval mode, Commerce and Industry Minister Piyush Goyal told Shreya Nandi in New Delhi in a post-Budget interview. Edited excerpts:

The Budget talks about simplification of FDI rules…

We have worked out a few things that the committee of secretaries is examining. There will be simplification in terms of processes, procedures, and speed of approval. We could put some items in automatic approval mode instead of (government) approval mode. It’s a