As many as 853 international direct funding proposals have been disposed of by means of the international funding facilitation portal within the final 5 years, the commerce and trade ministry mentioned on Tuesday.
The Foreign Investment Facilitation Portal (FIFP) was developed after the abolition of Foreign Investment Promotion Board (FIPB) in May 2017.
After the abolition of FIPB, granting of presidency approval for abroad funding below the FDI (Foreign Direct Investment) coverage and FEMA (Foreign Exchange Management Act) rules was entrusted to the involved ministries/departments, the commerce ministry mentioned in an announcement.
The Department for Promotion of Industry and Internal Trade (DPIIT), below the ministry, was made the nodal division.
It mentioned, “853 FDI proposals have been disposed of through FIFP since abolishment of FIPB.” FDI proposals are actually required to be filed solely on the portal which is managed by the DPIIT.
The proposals filed on the portal are forwarded to the involved administrative ministry and are additionally concurrently marked to the ministry of exterior affairs and the Reserve Bank of India for feedback and to the ministry of residence affairs for mandatory safety clearance, wherever required as per the norms.
A Standard Operating Procedure (SOP) for processing of FDI proposals, together with paperwork to be filed, by means of the portal was framed and laid down by the DPIIT in June, 2017.
The DPIIT secretary critiques the pendency of all FDI proposals on a month-to-month foundation.
Since the start of the brand new clearance course of, not solely the international funding has elevated but in addition “the number of countries bringing in FDI into India”, it added.
In 2014-15, FDI influx in India stood at USD 45.15 billion, which has elevated to USD 83.57 billion in 2021-22.
In 2021-22 FDI has been reported from 101 international locations. In 2020-21, it was reported from 97 international locations.
Source: www.financialexpress.com”