Ministries, regulators sufficient to decide FDI proposals' fate: Sitharaman

Government has announced the abolition of the Foreign Investment Promotion Board in Budget 2017

With the government sounding the death knell for the Foreign Investment Promotion Board (FIPB), foreign investment proposals may now be directly considered by various line ministries and regulatory bodies.

An inter-ministerial body under the Finance Ministry, the FIPB processes proposals for Foreign Direct Investments (FDI) entering the country.

Speaking to reporters, Commerce and Industry Minister Nirmala Sitharaman on Monday said that of the only 6-7 per cent of sectors not covered under automatic route, every department already has a departmental framework or a regulator for it.

"If there is a regulator for a concerned department, that is sufficient to take