The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, has approved seven out of 19 FDI proposals including those of Oxford University Press and Dr Reddy's Laboratories, entailing foreign direct investment (FDI) of Rs 100 crore. The proposals of Oxford University Press and Dr Reddy's Laboratories together entail an investment of Rs 90 crore.
Other investment proposals taken up for consideration included those of BMJ Group India, Crest Premedia Solutions, Fans Asia, Flag Telecom Singapore Pte, and Barracuda Camouflage. Meanwhile, the board rejected four proposals. In the previous meeting, FIPB had approved four foreign investment proposals entailing an investment of over Rs 2,000 crore. The government has taken a slew of measures in the recent past to boost foreign direct investment into the country.
In 2015-16, the FDI inflows in the country grew by 29 per cent to $ 40 billion as compared to $30.94 billion in 2014-15. India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.