Government panel Foreign Investment Promotion Board (FIPB) on Friday passed Rs 13,030 crore worth of foreign direct investment (FDI) proposals, including that of increasing foreign investment limit in Axis Bank.
Economic Affairs Secretary Shaktikanta Das said, “FDI proposals for more than Rs 13,000 crores recommended for approval. The inflow of investments continue.”
The Foreign Investment Promotion Board (FIPB) in its meeting on Friday passed five out of 14 proposals, a finance ministry official stated. The proposal of Axis Bank was to increase foreign shareholding limit from present 62% to 74%. The proposal follows foreign investment worth Rs 12,900 crore. Currently, private banks have a total foreign limit of 74%, of which FII limit is 49%.
The other proposals which were passed include that of Pharma firm Wockhardt and Aurobindo. Inter-ministerial panel FIPB can pass proposals worth up to Rs 5,000 crore. The ones beyond that amount go to the Cabinet Committee on Economic Affairs (CCEA).
Foreign direct investment (FDI) into the country rose by 40% to $29.44 billion during April- December of 2015-16. The foreign investment influx was at $21.04 billion in the same period of earlier fiscal.