The government has decided to fast-track 71 proposals pending for
foreign direct investment (FDI), from companies like Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal). Some of these proposals were pending with
Foreign Investment Promotion Board (FIPB) since 2015, are now being fast-tracked.
FIPB has been recently abolished by the government.
For the fast-track process, the
Department of Industrial Policy and Promotion (
DIPP) has been tasked to distribute these proposals to the relevant ministries and get a follow-up about the status at a joint review meeting later this month.
"We would expedite decision on all pending applications now," a senior government official told
ET.
DIPP has drafted the standard operating procedures (SoP) so that FDI proposals can be processed as per rules and within and set timelines.