71 Pending FDI Proposals Put on Fast Track
By Team Legistify / 2017-07-11

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As many as 71 pending foreign investment proposals, including those of Amazon, Grofers, Urban Ladder, One97 (which runs Paytm) and Jasper Infotech (Snapdeal), are being fast-tracked. Many of these had been pending with the recently abolished Foreign Investment Promotion Board since 2015.

The Department of Industrial Policy and Promotion (DIPP) will now distribute them to the relevant ministries and check the status of each pending application at a joint review meeting later this month.

More than 14 are pending with the department of pharmaceuticals and eight with the telecom ministry. DIPP itself has to finalise six single-brand retail applications, include those by Amazon, Grofers, Urban Ladder and Supermarket Grocery among others.

“We would expedite decision on all pending applications now,” a senior government official told ET.

Other applications pending since 2015 include those of HSBC Securities and Indus Way Emerging Market Fund. The foreign direct investment (FDI) application of Jupiter Satellite is with the department of space. The government has been relaxing the rules for FDI in single-brand retail, gradually increasing incentives for the sector.

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