Finance Minister Arun Jaitley has proposed to do away with the Foreign Investment Promotion Board (FIPB) policy in 2017-18 fiscal year and promised further liberalisation of FDI policy. Finance Minister during his speech informed that the Government has already undertaken substantive reforms in FDI policy in the last two years and more than 90% of the total FDI inflows are now through the automatic route. He expressed happiness over foreign companies willing to invest in India.
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