New Consolidated FDI Document to be Released Today
Mar. 31- The government is scheduled to release a single, consolidated document on foreign direct investment today.
The new document will make it easier for foreign investors to navigate through the intricacies of doing business in the country. Currently, investors have to refer to foreign direct investment rules found in more than 177 Press Notes from the Department of Industrial Policy and Promotion (DIPP).
According to the DIPP, beginning from the next fiscal year starting April 1, the procedural rules will be up for revision every six months. The move should ease FDI inflows to India which dropped by 4 percent from US$23.86 billion to US$22.96 billion from April to January 2009-10 compared to the same period last year.
“We are particularly keen to rationalize and simplify procedures so as to create an investor-friendly environment,” Commerce and Industry Minister Anand Sharma was quoted by The Press Trust of India as saying.
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