The GOI has cleared 23 FDI proposals, including that of Catholic Syrian Bank and Bandhan Financial Services, amounting to Rs 10,378.92 crore. The investment proposals were approved following the recommendation for the same by the Foreign Investment Promotion Board (FIPB).
The FIPB has also cleared an investment proposal of Mylan Laboratories. As it entails investments of Rs 4,960 crore, the Board recommended the proposal for approval of the Cabinet Committee on Economic Affairs. Mylan Laboratories is an Indian arm of US-based Mylan Inc.
Other proposals that have been cleared include that of GlaxoSmithKline, Alpha Pharma Healthcare India, Natco Pharma, and Den Networks. 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.
Benefits of FDI
- FDI helps in the economic development of the particular country where the investment is being made.
- Developing countries, which invite FDI, can gain access to a wider global and better platform in the world economy.
- FDI increases the level of competition in the host country.
- FDI ensures employment opportunities by aiding the setting up of industrial units in various corners of the country.
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