Cabinet clears seven decisions including abolition of FIPB

NEW DELHI: Union Cabinet today cleared seven decisions including abolition of 25-year old Foreign Investment Promotion Board (FIPB) and Strategic Partnership for defence manufacturing.

Giving details about Cabinet decisions, Finance Minister Arun Jaitley said since nearly 90 per cent to 95 percent is already under automatic route, the government has decided to abolish the FIPB board. "From now on, respective ministries will look after foreign investment inflow in only 11 sectors," Jaitley said.

Here are all other important decisions taken in Union Cabinet meet today:

1. Setting up of Private Sector Strategic Partnership for defence manufacturing,

2. Approval to Make in India preference in government procurements.

3. Cabinet hikes sugarcane fair price by Rs 25 per quintal to Rs 255 per quintal for 2017-18.

4. It also approved 29.7-km long Noida-Greater Noida Metro rail corridor, which will be build at a cost of Rs 5,503 crore.

5. Cabinet also approved Amendment to Central Road Fund Act, 2000, which states that 2.5 per cent of the fund will go for the development and maintenance of National Waterways

6. AIIMS in the Assam at a cost of Rs 1,123 crore.