Foreign Investment Promotion Board

The Foreign Investment Promotion Board (FIPB) was a national agency of Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route. India attract net inward foreign direct investment amounting to US$30.76 billion during the fiscal year ended March 2014, a 14.13% increase compared to the previous fiscal year. acted as a single window clearance for proposals on foreign direct investment (FDI) in India. The Foreign Investment Promotion Board (FIPB) was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017, as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.^[1]

• Secretary, Department of Economic Affairs - Chairman
• Secretary, Department of Industrial Policy & Promotion - Member
• Secretary, Department of Commerce - Member
• Secretary, (Economic Relation), Ministry of External Affairs - Member

The Board is empowered to co-opt Secretaries to the Government of India and other top officials of financial institutions, banks and professional experts of industry and commerce, as required.

In a significant move aimed at expediting flow of foreign investment into the country, the Union Cabinet liberalised the FDI policy further by allowing the FIPB to clear proposals from overseas entities worth up to ₹30 billion, against the existing limit of ₹12 billion.

Recommendations of FIPB for proposals up to ₹30 billion are approved by Minister of Finance. While recommendations for proposals of more than ₹3000^[2]crore need to be approved by Cabinet Committee on Economic Affairs (CCEA).

El Dr. Subramanian Swamy, exministro de Justicia y demandante en el caso del espectro 2G, alegó que en 2006, una empresa controlada por Karti Chidambaram , hijo del entonces ministro de Finanzas, obtuvo una participación del cinco por ciento en Aircel, de Sivasankaran , para obtener parte de los 40 mil millones de rupias que Maxis Communications pagó por el 74 por ciento de las acciones de Aircel. Alegó que el Sr. Chidambaram retuvo la autorización del FIPB para el acuerdo hasta que su hijo obtuvo las acciones del cinco por ciento en la empresa de Siva. ^{[ 3 ]} Posteriormente, la oposición planteó el tema en múltiples ocasiones en el Parlamento de la India , exigiendo la renuncia del Sr. P Chidambaram . ^{[ 4 ]} Él y el gobierno negaron todas las acusaciones. ^{[ 5 ]} Según informes de The Pioneer e India Today , los documentos muestran que la aprobación de la propuesta de IED fue efectivamente retrasada unos 7 meses por P Chidambaram . ^{[ 3 ] [ 6 ] [ 7 ]} 

• Ministerio de Finanzas de la India

• agencia de promoción de inversiones