21 January 2017 Current Affairs: The Inter-ministerial body Foreign Investment Promotion Board (FIPB) approved six investment proposals envisaging foreign investments of Rs 1,186.5 crore. Decision in this regard was taken by FIPB meeting headed by Economic Affairs Secretary Shaktikanta Das.
It has approved the proposals of Sanofi Synthelabo India, Star Den Media Services, Idea Cellular Infrastructure Services, Boehringer Ingelheim India Pvt. Ltd, Menarini India Private Limited and Recipharm Participation B.V. Netherlands.
India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, then those proposals first have to be cleared by FIPB.
The Union Government has taken a slew of measures in the recent past to boost foreign direct investment into the country. The FDI in the country has grown to $40 billion in the financial year 2015-16 as against $30.94 billion in the previous FY 2014-15.
Foreign Investment Promotion Board (FIPB) : The FIPB is inter-ministerial body that offers a single window clearance for applications on Foreign Direct Investment (FDI) that are under the approval route. The finance secretary is the chairman of the FIPB.
It is housed in the Department of Economic Affairs, Union Ministry of Finance. Presently, FDI proposals up to 3,000 crore rupees are cleared by the FIPB. However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister.