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General News Four FDI proposals pending with MIB, reveals Nirmala Sitharaman
MUMBAI: In the aftermath of the abolition of the Foreign Investment Promotion Board (FIPB), there is a backlog of 99 foreign direct investment (FDI) proposals with various ministries/departments, including four with the Ministry of Information & Broadcasting (MIB).

This information was provided by Commerce and Industry Minister Nirmala Sitharaman in a written reply in Rajya Sabha.

The government, through the erstwhile FIPB, had been considering and taking decisions on FDI proposals in the sectors on approval route, she said.

Following the abolition of the FIPB, the work of granting government approval for foreign investment in 11 notified sectors/activities requiring government approval under the extant FDI Policy and Foreign Exchange Management Act (FEMA) has been entrusted to the administrative ministries/departments concerned.

Consequently, the standard operating procedure (SOP) for processing FDI proposals was also issued on 29 June.

According to the SOP, once the proposal is complete in all respects, which should not be later than six/eight weeks (in cases where comments of the Ministry of Home Affairs have been sought from security clearance point of view) from the receipt of the proposal, the competent authority shall, within the next two weeks, process the proposal for decision and convey the same to the applicant.

With respect to proposals where the competent authority proposes to reject the proposals, or in cases where conditions for approval are stipulated in addition to the conditions laid down in the FDI policy or sectoral laws/regulations, concurrence of the Department of Industrial Policy and Promotion shall compulsorily be sought by the competent authority within eight/10 weeks (in cases where comments of the MHA have been sought from security clearance point of view) from the receipt of the proposal.

[Image: Four-FDI-proposals-pending-with-MIB-reve...araman.jpg]

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