To un-complicate Foreign Direct Investment (FDI) policy terms, the Prime Minister's Office (PMO) had set up an Inter Ministerial Group (IMG) headed by the Industry Secretary. The group headed by Department of Industrial Policy and Promotion (DIPP) Secretary Saurabh Chandra, is due to hold its first meeting on Thursday.
The Prime Minister's Office had in the last month constituted the IMG to further simplify the language or structure in the text of the consolidated FDI policy. Besides the DIPP, officials from the finance and other ministries would be part of the IMG.
The DIPP is scheduled to release the seventh edition of its consolidated FDI policy document on March 31, which would incorporate changes made over the past year. The sixth edition was issued in April 2013.
PMO decided to simplify the policy terms for FDI for investors, who otherwise would have to go through various press noted issued by the industry department and the RBI’s regulations to understand the policy. This development comes right after the government last year relaxed FDI norms in a dozen sectors, including telecom, defence, PSU oil refineries, commodity bourses, power exchanges and stock exchanges.
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