123 FDI proposals worth 19,711 cr cleared in Apr-Aug

123 FDI proposals worth 19,711 cr cleared in Apr-Aug

New Delhi: The government on Monday said it has cleared 123 foreign direct investment (FDI) proposals worth 19,711.17 crore during the current fiscal till 23 August.

As of 23 August this year, 21 proposals are pending before the Foreign Investment Promotion Board (FIPB), minister of state (MoS) for commerce and industry Jyotiraditya Scindia said in a written reply to the Lok Sabha.

“During the current year (up to 23 August, 2011), the FIPB has approved 123 proposals, in which FDI, to the tune of 19,711.17 crore, was involved," Scindia said. He also said that during the April - 18 August, 2011-12, period, Foreign Institutional Investors (FIIs) made investments worth $ 1.98 billion.

In another reply, he said that the Planning Commission has been asked to outline the further steps involved in the formation of a Cashew Board. “The Planning Commission, which was asked by the government to discuss with stakeholders the issues relating to formation of a Cashew Board, had in its meeting, held on 14 June, taken a view that formation of a board would provide the much needed platform for further growth of the cashew industry," he added.

Replying to a separate question, Scindia said the downgrade of the United States’ (US) sovereign debt by credit ratings agency, Standard & Poor’s, appears unlikely to have any significant impact on Indian exports by itself.

The MoS added that efforts are being made across countries to mitigate risk and prevent any severe impact on the global economic situation, amid fresh uncertainty over US debt and the stability of euro zone economies, among other factors.

Scindia further said the US is not the largest importer of Indian merchandise and its share of total Indian exports was 8.98% in 2010-11. This was a decline of more than 1.50% vis-a-vis the previous year, he said.