DPIIT to create timelines for govt agencies for clearance of FDI proposals

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DPIIT to create timelines for govt agencies for clearance of FDI proposals - Business Standard

Quick Summary:

The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from prioritised sectors, a top official said.

The secretary was responding to the Budget announcement that the rules and regulations for FDI and overseas investments will be simplified to facilitate foreign direct investments, and nudge prioritisation.

DPIIT Secretary Rajesh Kumar Singh said though there is a standard operating procedure (SOP) for these clearances, still there are delays as the SOPs are not being followed.