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India amends rules to speed up approvals for foreign investment proposals

Reuters

NEW DELHI (Reuters) - India's federal cabinet on Wednesday changed rules to speed up approvals for foreign investment proposals, aiming to boost inflows and make it easier for firms to do business in Asia's third-largest economy. Under the new rules, investments up to 30 billion rupees ($472 million) will not require the approval of the federal cabinet and can be cleared by the Foreign Investment Promotion Board (FIPB), the government said in a statement. Until now, the FIPB had the authority to clear investments that were below 20 billion rupees. (Reporting by Rajesh Kumar Singh; Editing by Alison Williams)