Technology, Innovations, Funn, Day to Day.......!!

Monday, February 25, 2008

Foreign Investment Promotion Board

The Foreign Investment Promotion Board (FIPB) in the Ministry of Finance is a high-level central agency that deals and clears proposals for investment in India. The chairman of the Board is the Secretary of the Department of Economic Affairs. Other Board members consist of the Secretaries in the Ministries of Commerce & Industries, and the Economic Relations Secretary in the Ministry of External Affairs. Other members can be co-opted from senior government officials, and professional experts from industry, commerce and banks, as and when required.

Applications are received by the FIPB through the Secretaries for Industrial Assistance (SIA). The SIA was established within the Department of Industrial Policy & Promotion in the Ministry of Industry. It provides a single window for entrepreneurial assistance, investor facilitation, processing of all applications that require Government approval, assisting entrepreneurs and investors in setting up projects (including liaison with other organizations and State Governments) and monitoring the implementation of projects. Applications can also be made with Indian missions abroad. Applications received by SIA are placed before the FIPB within 15 days of receipt. The Board has the flexibility to negotiate with investors. The FIPB's decisions are communicated by SIA, normally within 6 weeks of receipt of the application.



Post a Comment

Subscribe to Post Comments [Atom]

<< Home