By IANS,
New Delhi : India Wednesday unveiled a comprehensive policy document that consolidates all policies on foreign direct investment, including as many as 178 press notes issued from time to time, in a bid to simplify procedures.
Commerce and Industry Minister Anand Sharma unveiled the document at a press conference here and said it will be updated every six months, with the help of the Federation of Indian Chambers of Commerce and Industry (FICCI).
“The Department of Industrial Policy and Promotion (DIPP) will ensure the changes are incorporated every six months,” Sharma said, adding the industry lobby will also help and assist foreign investors who intend to invest in India.
Finance Minister Pranab Mukherjee had promised such a document during his budget speech Feb 26, saying all prior rules, regulations and guidelines on foreign investment would be consolidated so that there is complete transparency on the matter.
“This would enhance clarity and predictability of our foreign direct investment policy to foreign investors,” the finance minister had said.
Thus far, foreign direct investment into India was administered primarily through a series of press notes, rules and guidelines issued over the years and some of its clauses had even led to disputes because of inconsistencies and vagueness.