The Union Cabinet decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the government. However, he added that the government would try to approve the FDI proposals immediately. Foreign investment proposals above Rs 5,000 crore would continue to be cleared by the Cabinet Committee on Economic Affairs. FDI proposals in private security agencies and manufacture of small arms would be approved by Ministry of Home Affairs. Inflow of foreign direct investment into India increased by 9 per cent to USD 43.48 billion in 2016-17.

Source: India Today May 24, 2017 18:26 UTC