The union cabinet is likely to take a call tomorrow on winding up of the 25-year-old Foreign Investment Promotion Board (FIPB), which currently vets FDI proposals requiring the government approval. A suitable mechanism may also be proposed by the Cabinet tomorrow to deal with foreign direct investment in sensitive sectors, sources said. Last week, Commerce and Industry Minister Nirmala Sitharaman had said a decision has taken for closure of the FIPB. The FIPB was initially constituted under the Prime Minister's Office in the wake of economic liberalisation in the early 1990s. As per the proposed mechanism, respective ministries would take care of the FDI proposals going forward.

Source: dna May 23, 2017 14:48 UTC