To improve business environment in India, the government has further eased procedures for seeking permission of the Foreign Investment Promotion Board (FIPB) for foreign direct investment (FDI).
The finance ministry on Tuesday launched a new website for filing and processing of applications in this regard. Now, the applicants will have to submit only a single copy of the application for records with the FIPB secretariat, instead of 15-18 copies that were required earlier.
A user can raise a query online on the new website - www.fipb.gov.in - which would be replied to by the relevant ministry.
Regular alerts will be sent to the applicants related to the queries raised by the administrative ministries, inclusion of the proposal in the scheduled FIPB meetings and decisions.
India currently ranks 142 among 189 countries in terms of ease of doing business in a World Bank report. The government aims to improve this ranking to 50 in a couple of years.
