NEW DELHI: A parliamentary panel has recommended the Department for Promotion of Industry and Internal Trade (DPIIT) for taking necessary steps for disposal of 205 pending FDI proposals by the respective ministries.
A report by the department-related Parliamentary Standing Committee on Commerce said that since the abolition of FIPB (foreign investment promotion board), 471 out of 676 proposals (including 99 proposals transferred from FIPB) have been disposed off as on February 15, 2021.
"The committee is hopeful that the 205 pending FDI proposals will also be disposed of by the respective ministries/ departments at the earliest and recommends that the department take necessary steps to this end," it said.
It also suggested that the DPIIT should build up on the positive trend gained in the last five years and continue to make India an attractive destination for investment. It recommended the department to take concerted steps to address the critical issues and concerns faced by potential foreign investors and provide a seamless process for investing in India.
Regarding intellectual property, the report said the committee has suggested the department fill the vacancy at all levels in the patent office at the earliest.
On the fund of fund scheme (FFS) for startups, the committee expressed concerns over the low number of startups benefitting under FFS as lack of adequate funding may adversely impact the functioning and commercial viability of startups.
"The committee, therefore, recommends the department to look into the reasons as to why the majority of the registered startups have not benefited from the FFS," it said suggesting the DPIIT to take necessary steps to ensure that startups receive the necessary funds and support under the FFS.