New Delhi: In a significant move aimed at giving a much-needed boost to the economy by attracting more FDI, the Union home ministry has asked key internal and external intelligence agencies to fast-track security clearances for all FDI projects.
It is mandatory to get a security clearance from the home ministry for every FDI project irrespective of the ministry or department to which the proposal might be related.
Sources said that the move was part of home minister Rajnath Singh’s initiative to not only streamline procedures and systems within the ministry but also expedite pending proposals and projects across various divisions of the MHA.
According to a written communication sent out by the ministry’s internal security division, details of which have been accessed by this newspaper, intelligence agencies have been directed to ensure that security clearance for all FDI investment related to any project should be completed within one month.
“In case any intelligence or security agency is not able to meet the stipulated deadline, it will have to submit a written clarification specifying the reasons for the delay,” the note states.
Most FDI security clearances are given either by the Intelligence Bureau or the Research and Analysis Wing. The two premier agencies have also been directed to expedite any pending proposals with them that involve investment from foreign entities.
