Question: – In the 2017-18 budget speech, the Finance Minister announced the ending of which institution in the future?
(a) Policy Commission
(b) Foreign Investment Promotion Board
(c) Bank Board Bureau
(d) None of these
Ans: (b)
Related facts:-
- On 24 March, 2017; 9 FDI proposals of Rs 659 crore were approved by the Government of India.
- The recommendations were made in the 243th Meeting of Foreign Investment Promotion Board (FIPB) (21 February 2017).
- These proposals are as follows:
- Acquisition of100% of shares of Atria Convergence Technology Pvt. Of Telecom Sector by ARGAN (Mauritius) Ltd And TA FVCI (Amount Rs 35 Crore)
- The Venus Aesthetic LLP of the Limited Liability Partnership (LLP) area, given extension of 60 days to make a deal with the RBI.
- Grant (Amount 0.05 crore) to Dr Reddy Laboratories Ltd of Pharma sector for Employee Ownership Scheme.
- Approval of investment to Franklin Templeton Asset Management India Pvt Ltd in
- Financial Area MF Utilities India Pvt Ltd.
- The proposal to make Solar Direct Energy India Pvt Ltd (SD India) only as an investment company.
- Access to JC Decaux Advertising India Pvt. Ltd in telecom sector as Infrastructure Service Provider (Amount Rs.35 crore)
- Acquisition Proposal of 9,79,875 equity of Digital Outsourcing Pvt Ltd By You Broadband India Ltd of Telecom Sector.
- Proposal to increase the participation from 81.63% to 100%. (Amount Rs 533.83 crore) of foreign investors in Netmagic Solutions Pvt. Of Telecom Sector.
- Telecom sector Vodafone India Ltd By, You Broadband India ltd. Acquisition of 100% of shares – offer. (Amount Rs 55.09 crore)
- It is notable that the Finance Minister had announced the end of the Foreign Investment Promotion Board (FIPB) in the 2017-18 speech in future.
- There are two channels of foreign investment in India-
1. Automatic ‘route’ approved by RBI.
2. Approved by FIPB (Delhi-way)
Related Links:–
http://pib.nic.in/newsite/PrintRelease.aspx?relid=159859
http://economictimes.indiatimes.com/news/economy/policy/fipb-approves-nine-fdi-proposals-worth-rs-659-crore/articleshow/57814898.cms
http://www.univarta.com/news/business/story/820809.html
http://economictimes.indiatimes.com/news/economy/policy/government-abolishes-fipb-more-fdi-policy-easing-on-anvil/articleshow/56909680.cms