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FIPB to approve FDI upto Rs 1,200 crore
New Delhi, Feb 11: Indian economy will be seeing more Foreign Direct Investment (FDI) as government has decided to facililate foreign investment inflow into the country.
The government on Thursday, Feb 11 told Foreign Investment Promotion Board (FIPB) that it can approve foreign direct investment (FDI) of up to Rs 1,200 crore, versus the existing limit of Rs 600 crore.
"The recommendation of Foreign Investment Promotion Board on proposals with total foreign equity inflow of and below Rs 1,200 crore will be considered by the finance minister for approval," home minister P Chidambaram revealed after a meeting of Cabinet Committee of Economic Affairs (CCEA), which approved the proposal.
This move by the government is expected to quicken the process of foreign investment inflow into India.
OneIndia News
