DPIIT to create strict timelines for govt agencies, depts for clearance of FDI proposals

New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from prioritised sectors, a top official said. DPIIT Secretary Rajesh Kumar Singh said though there is a standard operating procedure (SOP) for these clearances, still there are delays as the SOPs are not being followed.

The secretary was responding to the Budget announcement that the rules and regulations for FDI and overseas investments will be simplified to facilitate foreign direct investments, and nudge prioritisation.