FIPB Current Affairs - 2020

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Girish Chandra Chaturvedi appointed new of Chairman National Stock Exchange

The National Stock Exchange(NSE) has appointed Girish Chandra Chaturvedi as its new chairman. His appointment comes following the approval of markets regulator Securities and Exchange Board of India (SEBI). The NSE chairman was lying vacant since January 2019 when then incumbent Chairman of NSE Ashok Chawla resigned in the middle of charges of corruption in Aircel-Maxis case. The Aircel-Maxis is a case of alleged corruption in grant of Foreign Investment and Promotion Board (FIPB) clearance in Aircel-Maxis deal.

About Girish Chandra Chaturvedi

He is a former bureaucrat who retired from Indian Administrative Services (IAS) in January 2013 as Secretary, Ministry of Petroleum and Natural Gas. He is currently on board of ICICI Bank and member of government appointed board of Infrastructure Leasing and Financial Services Ltd (IL&FS). In past, he has also served as Director (Government Nominee) on Boards of Canara Bank, IDBI Bank Ltd, Bank of Baroda, IDFC Ltd, GIC Re of India, United India Insurance Co. Ltd, Agriculture Insurance Co. of India, New India Assurance Co. Ltd, National Insurance Academy and Institute of Banking Personnel Selection (IBPS).

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FIPB clears 6 FDI proposals worth Rs 1,187 crore

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.

About Foreign Investment Promotion Board (FIPB)

  • The FIPB is inter-ministerial body that offers a single window clearance for applications on Foreign Direct Investment (FDI) that are under the approval route.
  • The finance secretary is the chairman of the FIPB. It is housed in the Department of Economic Affairs, Union Ministry of Finance. Presently, FDI proposals up to 3,000 crore rupees are cleared by the FIPB.
  • However, those proposals involving FDI of more than 3,000 crore rupees are given final clearance by the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister.

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