Abstract:
Foreign Investment Implementation Authority (FIIA) has been set up by the government of India in order to encourage the implementation of the proposals for FDI in the country. By doing this, Foreign Investment Implementation Authority (FIIA) has given a major boost to the Indian economy.
Establishment of Foreign Investment Implementation Authority (FIIA):
The Foreign Investment Implementation Authority (FIIA) was set up in 1999 by the Indian government.
Various objectives of Foreign Investment Implementation Authority (FIIA) are -
- To encourage fast translation of the approval of foreign direct investment and also its implementation.
- To offer the foreign investors proactive services such as, getting them the approvals that are necessary.
- To solve their problems by meeting the various agencies of the government, and also to solve the various operational problems.
The Fast Track Committee (FTC) that has been set up in around 30 Departments of the Indian government helps Foreign Investment Implementation Authority (FIIA) in its tasks. The chairman of Foreign Investment Implementation Authority (FIIA) is the Secretariat for Industrial Assistance (SIA) of the Department of Industrial Promotion and Policy.
Role of Foreign Investment Implementation Authority (FIIA):
- To understand and solve the problems of the investors
- To understand and solve the problems of the approving authorities
- To refer the cases that have not been resolved at the level of FIA to the agencies at the higher levels
- To start consultations with multiple agencies
Foreign Investment Implementation Authority's meetings:
The meetings of FIIA are held with the investors from the foreign countries and also on the basis of regions. The high ranking officials from the state governments as well as GoI Ministries take part in the meetings of Foreign Investment Implementation Authority.
Foreign Investment Implementation Authority's regional meetings:
- Eastern- Orissa, Assam, Manipur, Bihar, and Jharkhand
- Northern- Haryana, Rajasthan, Delhi, and Punjab
- Western- Daman & Diu, Gujarat, Lakshadweep, and Goa
- Southern- Kerala, Tamil Nadu, Karnataka, and Pondicherry
Various meetings held between the foreign investors and FIIA:
- Meetings held with the foreign investors who had come from the Republic of Korea. The meeting was held in May, 2003
- Meetings held with the foreign investors who had come from the countries of European Union. The meeting was held in December, 2002
- Meetings held with the foreign investors who had come from Italy and Netherlands. The meeting was held in January, 2002
- Meetings held with the foreign investors who had come from Switzerland. The meeting was held in May, 2002
Effectiveness of FIIA:
Foreign Investment Implementation Authority (FIIA) has proved to be an effective platform where the problems of the foreign investors have been solved. FIIA has resolved almost 70% of the cases that it has received from foreign investors.
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