"The recommendation of Foreign Investment Promotion Board (FIPB) on proposals with total foreign equity inflow of and below Rs 1,200 crore will be considered by the Finance Minister for approval," Home Minister P Chidambaram told reporters after a meeting of Cabinet Committee of Economic Affairs (CCEA) which approved the proposal.
The move will further liberalise norms and expedite foreign investment inflow into the country.
Earlier, foreign investment of up to Rs 600 crore were approved by the Fiance Minister and anything more than that were put up to the CEA for approval.
(Published 11 February 2010, 07:01 IST)
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