Govt clears FDI proposals worth Rs. 10,378.9 crore

News:

• The government has cleared 23 foreign direct investment proposals, including that of Catholic Syrian Bank and Bandhan Financial Services, amounting to Rs 10,378.9 crore.
• The investment proposals were approved after the recommendation for the same by the Foreign Investment Promotion Board (FIPB).
• FIPB has also cleared an investment proposal of Mylan Laboratories, an Indian arm of US-based Mylan Inc. As it entails investments of Rs 4,960 crore, the Board recommended the proposal for approval of the Cabinet Committee on Economic Affairs.
• In all six FDI proposals have been rejected. These include that of Centurion Laboratories, Jasper Infotech, Diabu Diamond Tools and BTL India.
• India received USD 7.45 billion worth of FDI during April-May of 2015-16 fiscal, up 40 per cent from USD 5.3 billion in the corresponding period of last fiscal.

Source: BS