Nearly 50 FDI Proposals Stuck In Limbo; DPIIT Urges Timely Action

ENA Sectors 2024-04-19 13:06:12 New Delhi, Apr 19 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) has called on 17 government departments to expedite decision-making on nearly 50 Foreign Direct Investment (FDI) proposals that have exceeded the mandated 12-week approval timeline. Around 46 FDI applications have crossed the government's prescribed limit without receiving clearance, reported BS, citing sources. Of those, 27 proposals have undergone security vetting by the Ministry of Home Affairs but still await a final decision from the respective administrative ministries. In a letter to the departments, the DPIIT emphasised the need to adhere to standard operating procedures and timelines for processing FDI proposals. The department specifically sought intervention from the Department of Economic Affairs under the Ministry of Finance to ensure time-bound approvals for the pending applications. A DPIIT spokesperson clarified that while the department facilitates the reception of FDI applications through an online portal, the final decision rests with the concerned administrative ministry. The sluggish pace of clearing investment proposals risks denting India's attractiveness as an investment destination, potentially hampering economic growth and job creation. Prompt action by government agencies could help unlock the economic benefits associated with increased foreign capital inflows. (KNN Bureau) 37469 https://knnindia.co.in/news/newsdetails/sectors/nearly-50-fdi-proposals-stuck-in-limbo-dpiit-urges-timely-action 2024-04-19 13:06:12 knnindia.co.in Nearly 50 FDI Proposals Stuck In Limbo; DPIIT Urges Timely Action