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Home / Politics / Policy /  Govt clears 7 FDI proposals worth 100 crore, rejects four

New Delhi Inter-ministerial body Foreign Investment Promotion Board (FIPB) on Thursday cleared seven proposals envisaging foreign investment of Rs100 crore.

“Seven out of 19 proposals were cleared," people with knowledge of the matter said.

The proposals of Oxford University Press and Dr Reddy’s Laboratories Ltd were among those approved by the FIPB. These two proposals together entail an investment of Rs90 crore.

The FIPB, headed by economic affairs secretary Shaktikanta Das, also rejected four proposals.

Other investment proposals taken up for consideration include those of BMJ Group India Pvt. Ltd, Crest Premedia Solutions Pvt. Ltd, Fans Asia Pvt. Ltd, Flag Telecom Singapore Pte Ltd, and Barracuda Camouflage Pvt. Ltd.

In the previous meeting, FIPB had given its approval to four foreign investment proposals entailing an investment of over Rs2,000 crore.

India allows foreign direct investment (FDI) in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB. The government has taken a slew of measures in the recent past to boost FDI into the country.

FDI in the country grew by 29% to $40 billion in 2015-16 as against $30.94 billion in the previous fiscal.

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