The industry department has fixed July 1 as the timeline to implement the standard operating procedure (SOP) for clearing foreign investment proposals, a senior government official said on Friday.
The draft SOP was discussed today with other departments, including revenue and economic affairs.
“We have received views of different ministries. We have issued the draft. Our target is to implement it from July 1,” Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek told reporters here.
The SOP is being finalised after the abolition of Foreign Investment Promotion Board (FIPB), which was clearing FDI proposals earlier.
The meeting was chaired by the DIPP Secretary. Around 40 officials from ministries such as home affairs, finance, science and technology, defence and information and broadcasting attended the meeting.
last month, India scrapped the 25-year old FIPB as it looks to attract more FDI by providing quick approvals under a single-window clearance system.