Inter-ministerial body the Foreign Investment Promotion Board (FIPB), will consider 12 foreign investment proposals, including those of BNP Paribas Asset Management lndia and Sharekhan on August 30. The FIPB headed by Economic Affairs Secretary Shaktikanta Das will also look into other proposals like Willmar Schwabe lndia, SAET lndia, Bashundhara Paper Mills India and Whizdm lnnovations. There are 12 investment proposals on the agenda.
India allows FDI in most of the sectors through automatic route but the investments in certain sectors are cleared by the FIPB. FDI proposals of Rs 5,000 crore and beyond require approval of the Cabinet Committee on Economic Affairs. In 2015-16 fiscal, the FDI inflows in the country grew by 29 per cent to $ 40 billion as against $ 30.93 billion in 2014-15. FDI for 2015-16 was the highest since 2000-01. The services segment attracted the highest investments of $ 6.88 billion followed by computer hardware and software of $5.90 billion, trading business of $3.84 billion and automobile industry of $ 2.52 billion.