FIPB Meaning and
Definition
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The Foreign Investment Promotion Board (FIPB) is a government body in India that was responsible for reviewing and approving foreign direct investment (FDI) proposals in various sectors of the Indian economy. FIPB was established in 1991 as part of the country's liberalization and globalization efforts, aimed at attracting foreign capital and promoting economic growth.
The primary objective of FIPB was to assess the economic viability and strategic importance of FDI proposals in sectors that required government approval. It provided a single window clearance for foreign investors by examining their proposals and making recommendations to the Government of India. The board consisted of representatives from various ministries, including finance, commerce, industry, and external affairs.
FIPB played a crucial role in attracting FDI and promoting ease of doing business in India. It evaluated the proposals based on various factors such as the potential benefits for the Indian economy, technology transfer, employment generation, and national security concerns. It also ensured compliance with the foreign exchange regulations and other legal requirements.
However, in 2017, the Indian government decided to abolish FIPB as part of its efforts to further streamline and simplify the FDI approval process. The responsibility for approving FDI proposals was transferred to the respective administrative ministries and departments, thereby eliminating the need for a separate board.
Common Misspellings for FIPB
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