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Foreign Investment Promotion Board to be abolished soon

Finance Minister Arun Jaitley announced on Wednesday that the Foreign Investment Promotion Board would be abolished in the coming financial year. Delivering his Budget speech, he said that his government’s substantive measures with regard to Foreign Direct Investment policy over the past three years had seen more than 90 percent of FDI proposals come through the automatic route. As a result, he said, it made sense to away with the FIPB.

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