Question : Foreign Direct Investment

(a) the details of the Foreign Direct Investment proposals received and sanctioned for establishment of industrial units in India under the new economic reforms and ‘Make in India’ programme by foreign companies during each of the last three years and the current year, sector-wise, country/company-wise;

(b) whether the Government has entered into any agreement with the said companies under the ‘Make in India’ programme and if so, the details thereof along with the steps taken by the Government to attract more FDI to accelerate the ‘Make in India’ programme in the country;

(c) whether the Foreign Direct Investment (FDI) have increased in the country during each of the last three years and the current year;

(d) if so, the details thereof and if not, the reasons therefor along with the number of cases of violation of FDI norms forwarded to the Directorate of Enforcement (DoE) for investigation during the said period, country/company/case-wise; and

(e) the existing mechanism to monitor the compliance of the prescribed norms by the companies for FDI in India along with the other steps taken/being taken by the Government to ease the process of FDI in India and to ensure compliance of FDI norms by the companies?

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THE MINISTER OF STATE (INDEPENDENT CHARGE)
OF THE MINISTRY OF COMMERCE & INDUSTRY
(SHRIMATI NIRMALA SITHARAMAN)

(a) & (b): Make in India is not a specific programme but a major national initiative, designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best-in-class manufacturing infrastructure.

No programme/initiative based data of Foreign Investment proposals is centrally maintained.

To promote Foreign Direct Investment (FDI), the Government has put in place an investor-friendly policy, wherein except for a small negative list, most sectors are open for 100% FDI under the Automatic route. Further, the policy on FDI is reviewed on an ongoing basis, to ensure that India remains attractive & investor friendly destination. The Government has taken a number of FDI Policy reforms, which are not only bold but also historic. The measures taken by the Government were directed to open new sectors FDI, increase the sectoral limit of existing sectors and simplifying other conditions of the FDI policy. These policy reforms are meant to provide ease of doing business and accelerate the pace of foreign investment in the country. Details of policy reforms taken by the Government in this regard since August, 2014 is given at Annexure –I.

(c) & (d): Yes, Madam. A statement of FDI Inflow during the last three years and the current year is at Annexure -II. No data with regard to number of cases of violation of FDI norms forwarded to the Directorate of Enforcement for investigation is centrally maintained.

(e): After abolition of Foreign Investment Promotion Board (FIPB) from 24th May, 2017, the work of monitoring of the compliance of conditions under the FDI approvals, including the past cases approved by erstwhile FIPB, has been assigned to the concerned Administrative Ministries/Departments. Further, violation of FDI regulations is covered by the penal provisions of Foreign Exchange Management Act (FEMA). Reserve Bank of India (RBI) administers the FEMA and Directorate of Enforcement under the Ministry of Finance is the authority for the enforcement of FEMA. The Directorate takes up investigation in any contravention of FEMA.

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