98 percent FDI through automatic route: official

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New Delhi, April 9 (IANS) The dip in applications before the Foreign Investment Promotion Board (FIPB) only a sign of ease of doing business in the country with 98 percent FDI inflows through the automatic route, a top finance ministry official said on Saturday.

“(As much as) 98 percent FDI now comes through automatic route. Dwindling FIPB applications is a positive sign as we move towards greater ease of doing business,” said Economic Affairs Secretary Shaktikanta Das.

Investments in sectors not under automatic FDI route need FIPB approval.

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