DIPP fast-tracks 71 pending FDI proposals
Jul 10, 2017, 10:56 IST
The government has decided to fast-track 71 proposals pending for foreign direct investment (FDI), from companies like Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal). Some of these proposals were pending with Foreign Investment Promotion Board (FIPB) since 2015, are now being fast-tracked.
FIPB has been recently abolished by the government.
For the fast-track process, the Department of Industrial Policy and Promotion (DIPP) has been tasked to distribute these proposals to the relevant ministries and get a follow-up about the status at a joint review meeting later this month.
"We would expedite decision on all pending applications now," a senior government official told ET.
DIPP has drafted the standard operating procedures (SoP) so that FDI proposals can be processed as per rules and within and set timelines.
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FIPB has been recently abolished by the government.
For the fast-track process, the Department of Industrial Policy and Promotion (DIPP) has been tasked to distribute these proposals to the relevant ministries and get a follow-up about the status at a joint review meeting later this month.
"We would expedite decision on all pending applications now," a senior government official told ET.
DIPP has drafted the standard operating procedures (SoP) so that FDI proposals can be processed as per rules and within and set timelines.
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