Cabinet likely to take up FIPB abolition today

After the FIPB is abolished, the government might ease FDI norms further in a few more sectors

The Union Cabinet, led by Prime Minister Narendra Modi, is likely to consider the abolition of the Foreign Investment Promotion Board (FIPB) on Wednesday.

Once the proposal is approved, the finance ministry could be given a month to wind up the FIPB. Since the early 1990s, it has been the single window for allowing foreign direct investments (FDI) that need official approval.

After it is wound up, the nod would be given by sector regulators, licensing authorities or ministries concerned.

In the Union Budget for the financial year 2017-18, Finance Minister Arun Jaitley had announced that the FIPB would be