History of Investor Facilitation Portal FIFP

• Posted by Rakesh Kumar January 17 - Filed in Business - #Investor facilitation portal  #FIFP  #Foreign investment approval  - 122 views

  Earlier version: FIBP

  The Foreign Investment Promotion Board, or the FIPB, is an organ in the Department of Economic Affairs. It is an inter-ministerial body under the Ministry of Finance responsible for processing FDI proposals from abroad. The FIBP also made recommendations for interim Government approval. 

  The FIBP bases its decision on the formulation of the extant FDI Policy, Press Notes, and related guidelines by the DPIIT (Department for Promotion of Industry and Internal Trade). DPIIT is in the Ministry of Commerce. The FIPB makes significant recommendations for the purpose of FDI policy-making in the country.

   

  Advent of the FIFP portal in India

  In 2017, the Government abolished the Foreign Investment Promotion Board. The work of granting FDI approvals for foreign investment as per the extant FDI Policy as well as FEMA Regulations was entrusted to the concerned Ministries or Departments. For such segregated purposes, the Government launched the Foreign Investor Facilitation Portal in the country. 

   

  Sectors requiring Government’s FDI Approval

  The eleven notified sectors requiring the FDI approval are as follows:

  • Mining

  • Defense in case of the small armament requirements

  • Broadcasting Networks

  • Print Media

  • Civil Aviation

  • Satellite Communications

  • Telecommunications

  • Private Security Agencies

  • SingleTrading and Multi-brand Trading

  • Food Products

  • Financial Services un/regulated by Public and Private Banking

  • Pharmaceuticals

   

  Parent Body of the FIFP Portal

  The DPIIT, or the Department for Promotion of Industry and Internal Trade, under the Ministry of Commerce & Industry, is responsible for overseeing FDI applications filed on the FIFP portal. The DPIIT forwards the FDI applications to the concerned Administrative Ministry.

   

  SOP for the FIFP Portal

  The DPIIT follows a standard operating procedure developed by DIPP in consultation with the concerned Ministries to process the FDI applications. It will upload the approval letters in standard format on the FIFP for the benefit of foreign investors. 

  You can refer to the guidelines in the Consolidated FDI Policy circular, as updated from time to time from the official DIPP website. 

   

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