The Department for Promotion of Industry and Internal Trade ( DPIIT ) has urged 17 government departments to expedite their decision-making process regarding foreign direct investment ( FDI ) proposals awaiting clearance.
According to the reports of Business Standard, the DPIIT has written letters to 17 departments for the speedy clearance. The report stated that approximately 46 FDI proposals have surpassed the government-stipulated 12-week timeframe for approval.
The report specified that out of these 46 proposals, 27 have also received comments from the Ministry of Home Affairs regarding security clearance. However, the final decision rests with the respective government departments.
The department emphasized the necessity for immediate intervention from relevant government bodies, including the Ministry of Finance’s Department of Economic Affairs ( DEA ), to ensure a prompt resolution for the pending proposals.
DPIIT’s representative informed that the department managed FDI applications received on the Foreign Investment Facilitation Portal via the National Single Window System portal. Subsequently, DPIIT forwards these applications to the concerned administrative ministry for a decision.
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