As many as 99 foreign direct investment (FDI) proposals were pending in various ministries and departments, Parliament was informed on Wednesday.
In a written reply to Rajya Sabha, Commerce and Industry Minister Nirmala Sitharaman said the work of granting approval for foreign investment in eleven notified sectors/activities under FDI policy has now been entrusted to the concerned administrative ministries or departments.
“A total of 99 FDI proposals were pending in various ministries/departments,” she said adding 48 such proposals were awaiting approval in the Department of Industrial Policy and Promotion (DIPP).
Similarly, foreign investment applications are pending in department of economic affairs (13), department of pharmaceuticals (14), department of telecommunications (8) and Ministry of Home Affairs (5).
She said a standard operating procedure for processing FDI proposals has already been issued by the ministry in June.
FDI into the country grew 9 per cent to USD 43.47 billion in 2016-17.