Government Scraps Decades-Old Foreign Investment Advisory Body

New Delhi: India on Wednesday scrapped a ministerial panel responsible for coordinating foreign investments, part of reforms that Prime Minister Narendra Modi is implementing to boost funding of local industries from overseas. Set up soon after India embarked on its first market reforms in 1991, the Foreign Investment Promotion Board (FIPB) was tasked with approving foreign investments proposals. Its decisions often become bogged d...