FIPB to take up 15 foreign investment proposals

Dhaka,  Monday,   2016-09-18
Published : 18 Sep 2016, 22:05:09

FIPB to take up 15 foreign investment proposals

Jaitley to attend IMF-WB annual meet in US
NEW DELHI, Sep 18 (PTI): FIPB will decide on 15 foreign investment proposals, including that of Idea Cellular Infrastructure Services and Sharekhan, on September 26.

The 240th meeting of the Foreign Investment Promotion Board (FIPB) to be chaired by Economic Affairs Secretary Shaktikanta Das will have 15 items on the agenda.

These include investment applications of Limpkin Telecom, Perrigo API India, Flag Telecom Singapore, IBM India, BT Global Communication (Mauritius), Morgan Stanley India Primary Dealer, and BNP Paribas Asset Management India.

India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by the FIPB.

The government has taken slew of measures in the recent past to boost foreign direct investment into the country.

On June 20, the government had "radically liberalised" the FDI regime with the objective of providing major impetus to employment generation in India.

This was the second big reform after some major changes announced in November 2015.

The government has said measures undertaken by it has resulted in increased FDI inflows at USD 55.46 billion in 2015-16, as against USD 36.04 billion in 2013-14.

Another report adds: Finance Minister Arun Jaitley will be leaving for the US early next month to attend the annual meeting of IMF-World Bank, where issues like the global economic situation will be discussed.

The three-day annual meeting of the International Monetary Fund and the World Bank will begin on October 7 in Washington.

The new Reserve Bank Governor Urjit Patel is also likely to attend the Fund Bank meeting, sources said.

Besides Jaitley and Patel, Economic Affairs Secretary Shaktikanta Das will attend the annual meet, they added.

In addition to taking stock of the global economic situation, the annual meetings are also likely to discuss IMF quota reforms, exchange rate fluctuation, infrastructure financing, fall out of Britain's exit from the EU and the role of trade in supporting global growth.

Finance Ministers of Brics countries are also likely to deliberate on the economic issues on the sidelines of the Fund Bank meeting.

Ahead of the meeting, IMF will come out with its World Economic Outlook, which will provide analysis of the current global economic situation. Besides, a Global Financial Stability Report will also be unveiled.

In July, IMF had cut global growth forecast for the year 2017 by 0.1 percentage point to 3.4 per cent citing substantial increase in economic, political, and institutional uncertainty following Brexit which could have negative macroeconomic consequences.

The global economy is projected to expand 3.1 per cent this year and 3.4 per cent in 2017.

It had also trimmed India's growth forecast by 0.1 percentage point to 7.4 per cent for 2016 and 2017, attributing it to a sluggish investment recovery.
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