Functions of Foreign Investment Promotion Council are to increase the flow of foreign direct investment into India. Functions of Foreign Investment Promotion Council, if fulfilled, would help in giving a major boost to the country's economy.
Setting up of Foreign Investment Promotion Council (FIPC):
The government of India has set up foreign Investment Promotion Council. FIPC has been established to take up activities that promote marketing and investment in the country.
The chairmanship of FIPC has been given to the chairman of ICICI. The presidents of the business associations like CII, FICCI, and ASSOCHAM are members of Foreign Investment Promotion Council. The member- secretary of FIPC is the personnel from the Industry Ministry.
Various Functions of Foreign Investment Promotion Council:
- To ensure that the foreign investment proposals are cleared quickly
- To continuously look over the foreign direct investment polices and to communicate with the agencies such as the Administrative Ministries in order to establish transparent guidelines that help in promoting FDI in the various sectors of the country
- To review that the proposals that have been approved by the Board are being implemented
- To communicate with the non- government, government, and Industry Bodies in order to promote the flow of foreign direct investment into the country
- To take up activities that encourage investment such as getting in touch with and also inviting foreign companies to invest in the country
- To communicate with the Foreign Investment Promotion Council (FIPC) which has been set up in the Ministry of Industry
- To identify the various sectors that require foreign direct investment
- To take up various other activities that help in bringing in more foreign direct investment into the country
- To give its recommendations to the Indian government in order to encourage foreign direct investment into the country
Indian government must encourage Foreign Investment Promotion Council:
Functions of Foreign Investment Promotion Council, as seen, are to bringing in more and more FDI into the country. Functions of Foreign Investment Promotion Council, if implemented, would lead to the growth of the Indian economy. Thus the government of India must take such steps that will boost the Foreign Investment Promotion Council, for it would result in coming of huge amounts of foreign direct investment into the country.
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