Foreign investors will soon be allowed invest without nod
(Representational Image)
New Delhi: Foreign investors will soon not need permission from the government for 98 per cent of the foreign direct investment (FDI) proposals. “We are putting maximum sectors (of FDI) through automatic route. Our belief is that nobody should come to the government. So we get 92 per cent of FDI coming through automatic route. We are targeting that almost 97-98 per cent must come through automatic route,” said secretary in the department of industrial policy and promotion (DIPP) Amitabh Kant at the annual general meeting of the Assocham.
DIPP on Tuesday also notified the recent liberalisation of FDI policy in several sectors including defence, retail and construction development sector. “We do not want any businessman to enter Udyog Bhavan (the commerce and industry ministry building), we do not want any businessman to enter the finance ministry,” said Mr Kant.
He also said that the government is taking several steps to improve ease of doing business both at the central and state level to attract foreign investors. “States must become easy and simple place to do business. My belief is that if we are able to get 10-12 states as champions of growth. If 12 states grow at a rate of 10 per cent plus, then India would grow at 9 to 10 per cent per annum,” Mr Kant said.
He said Singapore tops the list of ease of doing business index so “we need 10-12 Singapores in India. If we are able to get 12 champions, India will grow and boom and create jobs”. The secretary said that this year the DIPP has given 340 points to the sates to work on and on this basis the states would be ranked in terms of ease of doing business.
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( Source : AFP )
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