New Delhi, May 7 (IANS): To improve the ease of doing business in the country, the cabinet committee on economic affairs on Wednesday approved raising the investment limit for cases requiring approval of the Foreign Investment Promotion Board (FIPB).
The limit was hiked from Rs.1,200 crore to Rs.3,000 crore
"The minister of finance, who is in-charge of FIPB would consider the recommendations of FIPB on proposals with total foreign equity inflow up to Rs.3,000 crore," a CCEA communique said.
"Recommendations of FIPB on proposals with total foreign equity inflow of more than Rs.3000 crore would be placed for consideration of CCEA," it added.
"The CCEA would also consider the proposals which may be referred to it by the FIPB/ the minister of finance," the statement said.
Currently, FDI proposals worth Rs.1,200 crore and below are approved by the FIPB and above that value by the CCEA.