PremiumThe Department for Promotion of Industry and Internal Trade (DPIIT) is the department for coordinating the initiatives under Ease of Doing Business, aimed at creating an investor-friendly ecosystems across the country.
Centre has put an investor friendly policy in place where most sectors except certain strategically important sectors are open for 100% FDI under the automatic route, said Minister of state for Commerce and Industry, Som Prakash in a response to a parliament question on Wednesday.
The policy on FDI is reviewed on an ongoing basis to ensure India remains an investor friendly destination.
“Changes are made in the policy after detailed consultations with stakeholders including apex industry chambers, associations, sectoral ministries/ departments and representatives of industries/groups and other organizations. Government has recently undertaken a number of reforms across sectors like Defence, Petroleum and Natural Gas, Insurance etc," said the Ministry of Commerce and Industry.
The Department for Promotion of Industry and Internal Trade (DPIIT) is the department for coordinating the initiatives under Ease of Doing Business, aimed at creating an investor-friendly ecosystems across the country.
“DPIIT, in coordination with States and Union Territories (UTs), is spearheading various reforms to improve the business regulatory environment in the country. It undertakes a dynamic reform exercise called Business Reforms Action Plan (BRAP), wherein all States and UTs are assessed on the basis of implementation of designated reform parameters," the ministry added.
The focus of the reforms has been on streamlining the existing regulations and processes and eliminating unnecessary requirements and procedures. All the States and UTs, including Jharkhand, Delhi and West Bengal have also participated actively in this exercise over the years and reforms implemented by them are recorded on the BRAP Portal.
Comprehensive reforms have been undertaken by the Public Sector Banks (PSBs) under Enhanced Access and Service Excellence reforms agenda to improve the ease of doing business.