The Foreign Investment Promotion Board was initially constituted in India under the _____.
Show answer & explanation
Correct answer: A
Explanation
Foreign Investment Promotion Board (FIPB):
The Foreign Investment Promotion Board (FIPB) was a key inter-ministerial body responsible for approving foreign direct investment (FDI) proposals in India.
Composition: It was formed during the 1991 economic reforms. Initially, it functioned under the Prime Minister's Office (PMO).
Transfer: In 1996, it was transferred to the Department of Industrial Policy and Promotion (DIPP) and finally to the Department of Economic Affairs (DEA) under the Ministry of Finance in 2003.
Role: Its main function was to consider applications for foreign investment in sectors that did not fall under the "Automatic Route."