TIL Desk/Business/New Delhi/ India has scrapped the 25-year-old foreign investment advisory body Foreign Investment Promotion Board as it looks to attract more foreign direct investment by providing quick approvals under a single- window clearance system.
The Union cabinet has decided to abolish the FIPB — an advisory body comprising of secretaries to various departments for vetting of applications and making recommendations to the government.
The approvals would be handled independently by administrative ministries of different sectors, Finance Minister Arun Jaitley said after the cabinet meeting.
The FIPB was set up after India embarked on its first market reforms in 1991. It was initially constituted under the Prime Minister’s Office and subsequently shifted under the Department of Economic Affairs in the Ministry of Finance. Industry experts termed the move as ‘administrative clean-up’ by removing repetitive steps for approval.
