Finance Minister Arun Jaitley’s proposal to phase out FIPB [Foreign Investment Promotion Board] in the 2017 Union Budget will boost the domestic economy and promote inflow of foreign direct investment (FDI) in the country, said the top brass of the think tank at The Verdict, a conference jointly organised by CNBC-TV18 and Mint on the Union Budget.
NITI Aayog chief executive Amitabh Kant said receipts of FDI in India have gone up significantly over the last two-and-a-half years. It has grown by 60 percent, while globally it has come down by 16 percent. “Most of the FDI inflow in the country currently takes place through the automatic route except in sectors like defence,” said Kant, at the panel discussion attended by Niti Aayog Vice Chairman Arvind Panagariya and former MP NK Singh.
While actively favouring India’s pursuit to globalisation, NITI panel members indicated that it will review the outcomes of various policy measures undertaken by the government. Read More…
Credit By : Forbes India
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