Why the FIPB is a victim of its success, and industry is loathe to junk it

Consultants and legal experts admit there are no good ones to replace it with

Paradoxically, in a recent meeting called by the Department of Industrial Policy & Promotion (DIPP) to generate ideas for a successor institution to the Foreign Investment Promotion Board (FIPB), consultants and legal experts had to admit there are no good ones to replace it with. 

Months after Finance Minister Arun Jaitley had announced the National Democratic Alliance (NDA) government’s plans to send into sunset almost the first and certainly the most famous of the post-liberalisation institutions set up by the Narasimha Rao government in 1992, companies are still sending foreign investment proposals to the DIPP. The process is unchanged as