FDI policy-procedure simplified

Twenty-one key sectors have been identified for specific actions under the ‘Make in India’, to follow on the success for receiving US$60 billion Foreign Direct Investment (FDI) in 2016-17.

The key sectors are under: (i) policy initiatives (ii) fiscal incentives (iii) infrastructure creation (iv) ease of doing business (v) innovation and R&D and (vi) skill development, Minister of State of Commerce and Industry, C.R. Chaudhary has told Rajya Sabha on 7 Mar 2018.

Under this, the FDI policy and procedure have been simplified and liberalised progressively.

The key sectors opened for FDI are: defence manufacturing, food processing, telecom, agriculture, pharmaceuticals, civil aviation, space, private security agencies,railways, insurance and pensions and medical devices.

Total FDI inflow was US$198.48 billion between April 2014 and October 2017, accounting for 38% of the cumulative FDI in India since April 2000, he said.

In 2016-17, FDI inflow stood at a record of US$60 billion, highest ever recorded for a fiscal year ever. fii-news.com