Govt approves 10 FDI proposals of Rs.505 cr
The Dollar Business Bureau
Based on the suggestions made by the Foreign Investment Promotion Board (FIPB), the Government on Friday approved 10 FDI (Foreign Direct Investment) proposals amounting to Rs.505 crore. This includes the proposal of Helix Investment Pte, a group based in Singapore.
On the FIPB’s agenda, there were 18 proposals. Out of which, 10 were cleared in an inter-minister panel, chaired by Shaktikanta Das, Secretary - Economic Affairs.
Out of total 18, the board rejected two proposals and deferred four, which also includes the proposal of Sharekhan.
According to an official from the finance ministry, the FDI proposal worth Rs.475 crore of Helix Investment was cleared by the board.
In India, FDI is allowed through automatic route in many sectors. However, for investment in certain sectors, the FIPB’s clearance is required.
Last year, during April-December, India’s FDI grew by 40 percent to Rs 1.96 lakh crore (around $29.44 billion), on year-on-year basis.