December 09, 2023 11:52 (IST)
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Union Cabinet scraps Foreign Investment Promotion Board for easier flow of investments
New Delhi, May 24 (IBNS): The Union Cabinet on Wednesday scrapped years old Foreign Investment Promotion Board (FIPB) to facilitate easy foreign investments, according to media reports.
The relevance of FIPB was already reduced as most of the sectors in the regime of Modi government were opened up to allow foreign investors to set up shops in the country.
FIPB was a single window of allowing the proposals of foreign investments in the country which was created when the Congress led government was in power.
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