Since Foreign Investment Promotion Board (
The draft rules say that ministries will have eight weeks to decide upon the received applications, which can be increased to 10 weeks if a proposal involves security clearance by the ministry of home affairs.
“We have proposed a draft and want to put the new procedure in place by July 1,” said
DIPP would need to transfer the foreign investment proposal to the concerned ministry, the
Regarding the FIPB portal, it would soon be renamed to
As per DIPP, Union cabinet has approved a new public procurement policy, as per which ministries and departments can restrict or exclude bidders from a particular country if it does not allow Indian suppliers to participate in its foreign procurement.
In case the policy is successful at the central level, states would be advised to follow it too.
(Image source Jagran)