AFTER FIPB, FDI PROPOSALS TO BE CLEARED IN 60 DAYS

With the abolition of the Foreign Investment and Promotion Board (FIPB), the ministries tasked with clearing foreign direct investment proposals in the 12 sectors that need government nod would have to take a decision within 60 days, the finance ministry said.

The Cabinet had last month approved the abolition of the FIPB, which was the authority clearing FDI proposals for 25 years. In a memorandum on Tuesday, the finance ministry said the Department of Industrial Policy and Promotion (DIPP), in consultation with the administrative ministries, would come out with standard operating procedures to process FDI proposals and ensure "consistency of treatment and uniformity of approach". A panel led by the secretaries of the department of economic affairs (DEA) and the DIPP would conduct a quarterly review on the pending proposals. "Ordinary FDI applications, including those related to non-resident Indian (NRI)/export-oriented units (EOU), food processing, single-brand retail trading and multi-brand retail trading proposals, should be decided in 60 days," the memorandum said. ARUP ROYCHOUDHURY writes

MINING: Mines ministry DEFENCE: Department of production, Defence ministry CASES RELATING TO FDI IN SMALL ARMS: Home affairs ministry BROADCASTING: Information and broadcasting ministry PRINT MEDIA: Information and broadcasting ministry CIVIL AVIATION: Civil aviation ministry SATELLITES: Space department TELECOM: Telecommunications department, communications ministry TRADING (Single brand and food products retail trading): Department of Industrial Policy and Promotion, commerce and industry ministry FINANCIAL SERVICES not regulated by a regulator or where there is more than one regulator or in respect of which there is a doubt about the regulator: Economic affairs department, finance ministry BANKING (Private & Public): Financial services department, finance ministry PHARMACEUTICALS: Pharmaceuticals department, chemicals and Fertilisers ministry