FIPB clears 6 FDI proposals worth Rs 180 crore

NEW DELHI: Inter-ministerial body FIPB today cleared six foreign direct investment proposals worth about Rs 180 crore.

The Foreign Investment Promotion Board has cleared six proposals including those of Janalaxami Finance and Turmeric Vision, a Finance Ministry official said.

The panel headed by Economic Affairs Secretary Shaktikanta Das had considered 15 proposals.

The official further said four investments proposals were rejected while decision on five were deferred for want of more inputs.

India allows FDI in over 90 per cent sectors via automatic route. However, investment proposals in sensitive sectors like telecom and banking go through FIPB.

In last two years, the government has taken a series of reforms measures to liberalise FDI regime. Last month, it announced FDI liberalisation in nine sectors such as civil aviation, retail and private security services. This was the current government's second round of relaxation in these rules.

During 2015-16, FDI into the country increased by 29 per cent to $40 billion from $30.93 billion in the previous fiscal.