Inter-ministerial body Foreign Investment Promotion Board (FIPB) will be taking 31 Foreign Direct Investment (FDI) proposals, in its meeting which will be held on September 29.The Finance Minister said that Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, will meet to take up 31 FDI proposals listed on the agenda.
The 31 foreign investment proposals include those of Pharmaceutical and biotechnology company Cipla Limited, Aditya Birla Nuvo and HDFC Capital Advisors. Among others, the board in its meeting will also take up FDI proposals of pharma research and drug discovery company Sun Pharma Advanced Research Company, Strides Arcolab, Multi Screen Media, Reliance Globalcom, AegonReligare Life lnsurance and Apollo Hospitals Enterprise.
FIPB allows a single window clearance for applications on FDI in India that are under the encouragementcourse.India allows FDIin most of the sectors through automatic path but in certain areas considered sensitive for the economy and security the proposals have to be first cleared by FIPB.
According to the data of Department of Industrial Policy and Promotion (DIPP), FDI inflows in August have registered an increase of 74% as compared to that of same period of last fiscal year. During 2014-15 fiscal, FDI grew 27 percent year-on- year to $30.93 billion compared to that of $24.29 billion in 2013-14. India allows FDI in most of the sectors through automatic path but in certain segments considered sensitive for the economy and security the proposals have to be first cleared by FIPB.
The Foreign Direct Investment number for the month of July has not been made public. In June, India had attracted USD 2.05 billion as against USD 1.92 billion in same month last fiscal. Recently, FIPB had cleared 11 FDI proposals including that of ShyamSistema, Teleservicesand IIFL holdings, Eros International Media, Indian Rotocraft, AGS Transcat Technologies and O Zone Networks.