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A new, unified single window clearance system for foreign direct investment (FDI) proposals would be in place by March 31
Key highlights
- According to the secretary in the department of promotion of industry and internal trade under the Ministry of Commerce and Industry, the single window clearance system being developed will be ‘very effective’ and enable the potential investor to interact with all the Ministries whose approvals are required, in the central government as well as in the States.
- This window will help investors a lot in not just getting information about the status of approvals, but in getting faster approvals
- This portal provides end-to- end facilitation support, including the pre-investment advisory, information related to land banks and facilitating clearances both at Central and state level.
A brief note on the present Foreign Investment Facilitation Portal of India
- It is the online single point interface of the Government of India for investors to facilitate Foreign Direct Investment.
- This portal is being administered by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.
- This portal will continue to facilitate the single window clearance of applications which are through the approval route.
- Upon receipt of the FDI application, the concerned Administrative Ministry/Department shall process the application as per the Standard Operation Procedure (SOP).
Source:
The Hindu
