Industry body, the Confederation of Indian Industry (CII) has welcomed the government’s commitment to reforms, with the abolition of Foreign Investment Promotion Board (FIPB) and the approval for the much-awaited strategic partnership model. CII noted that these will contribute to the country’s growth and reassures investors that ease of doing business remains a high priority for the government.
On the decision of phasing out of 25- year-old FIPB, CII said that the move would take Foreign Direct Investment (FDI) inflows to greater heights and reinforce the attractiveness of India as a viable business destination. It further said that the move would streamline the process of FDI approvals, easing the flow of foreign capital into the country.
Industry body further said that the forging of strategic partnership for defence under the 'Make in India' initiative would give a fillip to indigenisation of India's defence industry and pave the way for greater transfer of technology from foreign firms to domestic partners in India.