FIPB to be abolished: FM Jaitley

The Foreign Investment Promotion Board (FIPB) will be abolished, Finance Minister Arun Jaitley announced on Wednesday while presenting the Budget. 

This is seen as a major reform which will remove a big headache for foreign investors. 

However, if the FIPB's discretionary powers are taken over by the Cabinet, then the bureaucracy would have ceded more control to politicians, which would hardly count as a reform.