NEW DELHI: Disbanding FIPB (Foreign Investment Promotion Board) will further improve ease of doing business and the respective regulators of the ministries concerned are "sufficient" to take care of investment proposals, Commerce and Industry Minister Nirmala Sitharaman today said.
The government has decided to abolish FIPB and come up with a new mechanism that could include approvals by the ministries concerned for expeditious clearance of foreign investment proposals. "The whole idea was to make doing business in India easier. Logical conclusion was to wind up FIPB because over 92 per cent of FDI is coming though the automatic route," she told reporters here. "Only 6-7 per cent is remaining, and every department (the sectors under approval route) it is aimed at has a departmental framework or a regulator for it," she said.