With a view to simplify foreign direct investment process, the government plans to introduce a single FDI document by end-fiscal and is currently discussing the various modalities, Commerce and Industry Minister Anand Sharma said on Monday.
"We have put this document for discussions with all stakeholders to invite their comment which is expected to close by January 31. By March 31, we will have single FDI document to ensure simplification, easy comprehension and predictability," Sharma told reporters at the Bancon conference.
This would make the entire process for foreign direct investment more investor friendly. The new format will subsume all 177 press notes. Presently, the document is under the discussion among all stakeholders, which is expected to close by this month-end, he said.
The new policy will come in the form of a single consolidated press note, which will not only specify the sectoral caps, but also the way foreign investments will be treated.
The consolidation of the FDI policy framework is expected to make it more comprehensible to all investors and stakeholders. Besides, the government also plans to review the FDI rules in every six months.
