FIPB to take up 32 FDI proposals on April 9

NEW DELHI: An inter-ministerial panel on April 9 will take up as many as 32 foreign direct investment ( FDI) proposals, including that of Mylan Laboratories and S Kumars Nationwide.

The Foreign Direct Investment Promotion Board ( FIPB), headed by Finance Secretary Rajiv Mehrishi, is scheduled to meet on April 9 take up the proposals, said the Finance Ministry.

Other proposals on the agenda include that of BASF Chemical India, Nickeldeon Asia Holdings, Sai Life Sciences Ltd, Maham Nayyar and Sahar Nayyar of Pakistan, Warden Petrochem and Damiani India.

FIPB is a single window clearance system for proposals on FDI.

India allows FDI in most of the sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.

During April-January this fiscal, FDI in India has increased by 36 per cent year-on-year to $25.52 billion.

Government has taken a slew of steps in the recent times to liberalise policies for foreign investors in the country. FDI cap in defence and insurance has been increased, while the railways sector have been opened for foreign investment.

Foreign investments are considered crucial for India, which needs around $1 trillion over five years (2012-17) to overhaul its infrastructure sector such as ports, airports and highways to boost growth.

Sectors, which attracted maximum FDI include services, telecom, metallurgical industries, power, computer hardware & software and construction.