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{{EngvarB|date=May 2014}}
{{Use dmy dates|date=May 2014}}

The '''Foreign Investment Promotion Board (FIPB)''' was a national agency of [[Government of India]], with the remit to consider and recommend [[foreign direct investment]] (FDI) which does not come under the automatic route. India attract net inward foreign direct investment amounting to USD 30.76 billion during the fiscal year ended March 2014, a 14.13% increase compared to the previous fiscal year. acted as a single window clearance for proposals on [[foreign direct investment]] (FDI) in India. The Foreign Investment Promotion Board (FIPB) was housed in the Department of Economic Affairs, Ministry of Finance. FIPB was abolished on 24 May 2017, as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.<ref>{{cite web |url=http://www.fipbindia.com/index.php |title=Archived copy |accessdate=2011-05-16 |url-status=dead |archiveurl=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php |archivedate=28 August 2011 |df=dmy-all }}</ref>

==Members==

*Secretary, Department of Economic Affairs - Chairman
*Secretary, Department of Industrial Policy & Promotion - Member
*Secretary, Department of Commerce - Member
*Secretary, (Economic Relation), [[Ministry of External Affairs (India)|Ministry of External Affairs]] - Member

The Board is empowered to co-opt Secretaries to the [[Government of India]] and other top officials of financial institutions, banks and professional experts of industry and commerce, as required.

==Process==
In a significant move aimed at expediting flow of foreign investment into the country, the Union Cabinet liberalised the [[foreign direct investment|FDI]] policy further by allowing the FIPB to clear proposals from overseas entities worth up to ₹30 billion, against the existing limit of ₹12 billion.

Recommendations of FIPB for proposals up to ₹30 billion are approved by [[Minister of Finance (India)|Minister of Finance]]. While recommendations for proposals of more than ₹3000<ref>{{Cite web |url=http://www.fipbindia.com/ |title=Archived copy |access-date=16 May 2011 |archive-url=https://web.archive.org/web/20110719161340/http://www.fipbindia.com/ |archive-date=19 July 2011 |url-status=dead }}</ref> [[crore]] need to be approved by Cabinet Committee on Economic Affairs (CCEA).

==Aircel-Maxis deal controversy==
{{further|2G spectrum case}}
Former [[Minister of Law and Justice (India)|Minister of Law and Justice]] & [[2G spectrum case]] petitioner Dr [[Subramanian Swamy]] alleged that in 2006, a company controlled by then [[Minister of Finance (India)|Minister of Finance]] [[P Chidambaram]]'s son Karti got five per cent stake in Sivasankaran's [[Aircel]] to get part of ₹40 billion that the [[Maxis Communications]] paid for 74 per cent stake in Aircel. He alleged that Mr Chidambaram withheld the FIPB clearance to the deal till his son got the five per cent shares in Siva's company.<ref name="Govt's defence of Chidambaram rings hollow">{{cite news | url=http://www.dailypioneer.com/home/online-channel/360-todays-newspaper/63605-govts-defence-of-chidambaram-rings-hollow.html | title=Govt's defence of Chidambaram rings hollow | work=The Pioneer | date=8 May 2012 | accessdate=10 May 2012}}</ref>
Subsequently the issue was raised on multiple times in [[Parliament of India]] by the opposition which demanded resignation of Mr [[P Chidambaram]].<ref name="Aircel-Maxis Deal: Parliament Disrupted Over PC's Role">{{cite news | url=http://news.outlookindia.com/items.aspx?artid=761922&commentid=49662#49662 | title=Aircel-Maxis Deal: Parliament Disrupted Over PC's Role | work=Outlook India | date=8 May 2012 | accessdate=10 May 2012 | url-status=dead | archiveurl=https://web.archive.org/web/20131110022112/http://news.outlookindia.com/items.aspx?artid=761922&commentid=49662#49662 | archivedate=10 November 2013 | df=dmy-all }}</ref> He and the government denied all the allegations.<ref name="Aircel-Maxis Deal: PC Dismisses Charges as Reckless">{{cite news | url=http://news.outlookindia.com/items.aspx?artid=762153 | title=Aircel-Maxis Deal: PC Dismisses Charges as Reckless | work=Outlook India | date=10 May 2012 | accessdate=10 May 2012 | url-status=dead | archiveurl=https://web.archive.org/web/20120510162107/http://news.outlookindia.com/items.aspx?artid=762153 | archivedate=10 May 2012 | df=dmy-all }}</ref> According to [[The Pioneer (Indian newspaper)|The Pioneer]] and [[India Today]] reports, documents show that approval to the [[foreign direct investment|FDI]] proposal was indeed delayed about 7 months by [[P Chidambaram]].<ref name="Govt's defence of Chidambaram rings hollow"/><ref name="Document shows Chidambaram delayed Aircel-Maxis deal by 7 months">{{cite news | url=http://indiatoday.intoday.in/story/document-shows-chidambaram-delayed-aircel-maxis-deal/1/187868.html | title=Document shows Chidambaram delayed Aircel-Maxis deal by 7 months | work=India Today | date=8 May 2012 | accessdate=10 May 2012}}</ref><ref name="Govt trapped in own web of deceit">{{cite news | url=http://www.dailypioneer.com/home/online-channel/360-todays-newspaper/63884-govt-trapped-in-own-web-of-deceit.html | title=Govt trapped in own web of deceit | work=The Pioneer | date=9 May 2012 | accessdate=10 May 2012}}</ref>

==External links==
*[http://finmin.nic.in/fipbweb/fipbwebreports/webpage.asp Finance Ministry of India]

==See also==
*[[Investment promotion agency]]

==References==
{{reflist}}

[[Category:Executive branch of the government of India]]
[[Category:Investment promotion agencies]]
[[Category:Foreign relations of India]]
[[Category:Ministry of Finance (India)]]
[[Category:Investment in India]]
[[Category:Defunct government departments and agencies of India]]

<ref>{{cite web |last1=Adda |first1=Full Forms |title=full form of fipb |url=https://fullformsadda.com/full-form-of-fipb/ |website=FullForms Adda |publisher=Parshant Bhardwaj |accessdate=17 May 2020}}</ref>

Foreign Investment Promotion Board - Revision history

>JJMC89 bot III at 01:48, 5 April 2021