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Introduction
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).
Objective
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 endeavours to ensure that the
Government's decisions on FDI proposals are communicated to the
applicant within six weeks. Foreign Investment proposals recieved by
the board's secretariat should be put up to the Board within 15 days
of reciept 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.
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