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99 FDI proposals pending in various ministries: Nirmala
As many as 99 foreign direct investment (FDI) proposals were pending with various ministries and departments, Parliament was informed on Wednesday.
New Delhi: As many as 99 foreign direct investment (FDI) proposals were pending with various ministries and departments, Parliament was informed on Wednesday.
In a written reply to Rajya Sabha, Union Commerce and Industry Minister Nirmala Sitharaman said the work of granting approval for foreign investment in eleven notified sectors/activities under FDI policy has now been entrusted to the concerned administrative ministries or departments. FDI into the country grew nine per cent to $43.47 billion in 2016-17.
Nirmala further said that the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), the nodal agency for Chennai-Bengaluru Industrial Corridor had already initiated the process on the master plan of three identified nodes, Ponneri (Tamil Nadu), Krishnapatnam (Andhra Pradesh) & Tumkur (Karnataka).
In last January, the second meeting of Council of Trade Development and Promotion (CTDP) was held in New Delhi, in which commerce and industry ministers from eight states, who were Members of the Council, and representatives of other 16 states in addition to trade bodies such as FICCI and CII participated in the meeting, she added.
“A total of 99 FDI proposals were pending in various ministries/ departments,” she said adding 48 such proposals were awaiting approval in the Department of Industrial Policy and Promotion (DIPP). Similarly, foreign investment applications are pending in department of economic affairs (13), department of pharmaceuticals (14),
department of telecommunications (8) and Ministry of Home Affairs (5). She said a standard operating procedure for processing FDI proposals has already been issued by the ministry in June.
