India amends rules to speed up approvals for foreign investment proposals
Under new rules investments up to Rs 30 billion will not require approval of the cabinet
By : DC Correspondent
Update: 2015-05-07 08:46 GMT
New Delhi: The cabinet on Wednesday changed rules to speed up approvals for foreign investment proposals, aiming to boost inflows and make it easier for firms to do business in Asia's third-largest economy.
Under the new rules, investments up to 30 billion rupees ($472 million) will not require the approval of the cabinet and can be cleared by the Foreign Investment Promotion Board (FIPB), the government said in a statement.
Until now, the FIPB had the authority to clear investments that were below 20 billion rupees.