Government panel FIPB today cleared Rs 13,030 crore worth of foreign direct investment (FDI) proposals, including that of hiking foreign investment limit in Axis Bank.
“FDI proposals for more than Rs 13,000 crores recommended for approval. Inflow of investments continue,” Economic Affairs Secretary Shaktikanta Das said.
The Foreign Investment Promotion Board (FIPB) in its meeting today cleared 5 out of 14 proposal, a finance ministry official said.
The proposal of Axis Bank was to hike foreign shareholding limit from 62 per cent currently to 74 per cent. The proposal entails foreign investment worth Rs 12,900 crore.
At present, private banks have a total foreign limit of 74 per cent, of which FII limit is 49 per cent.
The other proposals which were cleared include that of Pharma firm Wockhardt and Aurobindo.
Inter ministerial panel FIPB can clear proposals worth up to Rs 5,000 crore. The ones above that amount go to the Cabinet Committee on Economic Affairs (CCEA).
Foreign direct investment (FDI) into the country increased by 40 per cent to USD 29.44 billion during April- December of 2015-16.
The foreign investment inflows were at USD 21.04 billion in the same period of previous fiscal.