Finance > FIPB
The government of India has set up a special Board known as the Foreign Investment Promotion Board. This specially empowered Board in the office of the Prime Minister, is the only agency dealing with matters relating to FDI as well as promoting investment into the country. It is chaired by Secretary Industry (Department of Industrial Policy & Promotion).
Its objective is to promote FDI into India by undertaking investment promotion activities in India and abroad by facilitating investment in the country through international companies, non-resident Indians and other foreign investors.
Clearance of Proposals
Early clearance of proposals submitted to it through purposeful negotiation and discussion with potential investors. Reviewing policy and put in place appropriate institutional arrangements and transparent rules and procedures and guidelines for investment promotion and approvals.
The FIPB is expected to meet every week to ensure quick disposal of the cases pending before it. It endeavors to ensure that the Government's decisions on FDI proposals are communicated to the applicant within six weeks. Foreign Investment proposals received by the board's secretariat should be put up to the Board within 15 days of receipt and the Administrative Ministries must offer their comments either prior to and/or in the meeting of the FIPB. It would function as a transparent effective and investor friendly single window providing clearance for investment proposals.