India Scraps Foreign Investment Advisory Body
India on Wednesday scrapped a ministerial panel responsible for coordinating foreign investments, part of reforms that Prime Minister Narendra Modi is implementing to boost funding of local industries from overseas.
Set up soon after India embarked on its first market reforms in 1991, the Foreign Investment Promotion Board (FIPB) was tasked with approving foreign investments proposals.
Its decisions often become bogged down in infighting between government ministries, leading to delays in investment projects.
Finance Minister Arun Jaitley said the cabinet had agreed to abolish the FIPB, in line with a budget pledge he made in February. Foreign investments would in future be cleared by individual ministries.
Since taking office in 2014, Modi has gradually eased restrictions for ...