Only 29 proposals for FDI are pending for approval: DPIIT Secretary

New Delhi. Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain said on Thursday that FDI proposals are being cleared expeditiously and as on date only 29 applications are pending. In the DPIIT-FICCI Investors Round Table meeting on Production Based Incentive (PLI) Scheme for Electronic Components like Refrigerators, Washing Machines, he also said that the FDI proposals which need to be considered under Press Note 3 (PN3), should be considered. will be made easy.

According to the press note, the government has mandated prior approval for investment proposals from investors from countries sharing land borders with India. Its aim is to take advantage of the opportunity in the Kovid-19 epidemic to curb acquisitions of domestic companies. The countries that share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. As per that decision, FDI proposals coming from these countries need government approval for investment in any sector in India. “We have given a lot of clearances in terms of FDI in less than three months,” Jain told reporters. Only 29 proposals are pending for approval. There is no PN3-related proposal in this.” Regarding the single approval mechanism, he said that so far 10 state and central government departments have been integrated. By December 31, this number will increase to 14 or 16. Meanwhile, the Ministry of Commerce and Industry said in a statement that the Northeast Industrial Development Planning Empowered Committee has approved the registration of 105 new units in the Northeast region has given. The committee has so far approved the registration of 391 new industrial units with a total proposed investment of Rs 2,631.19 crore.