Foreign Investment Promotion Board To Be Abolished.
Post on 02,October 2017   5:00 AM
By - PolyEyes Staff
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The Foreign Investment Promotion Board (FIPB) was housed in the Department of Economic Affairs, Ministry of Finance. FIPB will be abolished in financial year 2017-18, as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.

FIPB is located in the Department of Economic Affairs, Ministry of Finance and the Finance Minister is in-charge of the FIPB. The Foreign Investment Promotion Board (FIPB) is a national agency of Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route. It acts as a single window clearance for proposals on foreign direct investment (FDI) in India. The board has handled investment proposals worth up to ₹5,000 crore

Foreign Direct Investment (FDI) flows into India in two ways

  •         Automatic route.
  •        Via government approval.

Concluding Remark: In current scenario almost 90% of the FDI inflows are routed through the first way i.e. automatic route which does not require any prior approval from the FIPB and are subjected to sectoral rules. For the rest of the FDI (about 8% of the total FDI inflows), every department concerned has a framework or a regulator for it. Further, FIPB has successfully implemented e- filing and online processing of FDI applications. Therefore, the government feels that it has now reached a stage where FIPB can be phased out. Nevertheless it can be reshuffled efficiently giving other set of duties and restructuring the responsibilities.

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