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The article gives a detailed account of FIPB in India, its functions, the composition of FIPB, recommendation by FIPB, the projects approved by FIPB and guidelines set by FIPB.
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Foreign Investment Promotion Board (FIPB)
Foreign Investment Promotion Board (FIPB), constituted by Government of India, is presided over by the Secretary - Department of Industrial Policy & Promotion. The board aims at promoting growth in the industrial sector and maximizing inflows of foreign direct investment into the country. It is also endowed with the responsibility of providing requisite institutional arrangements and providing various guidelines for investment promotion in the country.
Functions Of Foreign Investment Promotion Board
- To approve foreign investment proposals.
- To oversee the foreign direct investment policies and communicate with other agencies like the administrative ministries.
- To encourage FDI investment in India.
- To coordinate with government, non government, Industry bodies and Foreign Investment Promotion Council
- To find out sectors that would require foreign direct investment.
Composition Of FIPB
The FIPB consists of the selected groups of secretaries to the Indian government. FIPB also consists of top officials from the banks, financial institutions and professional from the field of commerce and industry.
- The chairman is the Industry Secretary from the Department of Industrial Promotion and Policy.
The members are
- The Finance Secretary of the Indian government.
- The Secretary of the Department of Economic Relations.
- The Commerce Secretary of the Indian government.
Recommendations OF Foreign Investment Promotion Board (FIPB)
The FIPB gives recommendation with regard to suggestion for projects for foreign direct investment to the country. It gives advice to the Industry Minister, if the total amount of investment by a project is equal to or less than Rs 600 crores. The FIPB also gives advice to Cabinet Committee on Foreign Investment (CCFI), if the total amount of investment exceeds Rs 600 crores.
Projects Approved By FIPB
- Coca- Cola
- General Electric
- Fujitsu
- McDonalds
Guidelines Of FIPB For Applicant
- The applicant must fill the application form which is available on the official website of FIPB.
- The applicant must furnish details of foreign investor like name, address and passport number on the form.
- The applicant must also furnish Memorandum of Association of the Indian partners or of the foreign investor along with the completed application form.
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