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FIPB clears 6 FDI proposals worth Rs 1,187 crore
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The Inter-ministerial body Foreign Investment Promotion Board (FIPB) approved six investment proposals envisaging foreign investments of Rs 1,186.5 crore. Decision in this regard was taken by FIPB meeting headed by Economic Affairs Secretary Shaktikanta Das. It has approved the proposals of Sanofi Synthelabo India, Star Den Media Services, Idea Cellular Infrastructure Services, Boehringer Ingelheim India Pvt. Ltd, Menarini India Private Limited and Recipharm Participation B.V. Netherlands.
Background
India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, then those proposals first have to be cleared by FIPB. The Union Government has taken a slew of measures in the recent past to boost foreign direct investment into the country. The FDI in the country has grown to $40 billion in the financial year 2015-16 as against $30.94 billion in the previous FY 2014-15.
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