New Delhi, May 24 (IANS) 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.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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