The Union Government has approved four Foreign Direct Investment (FDI) proposals totalling an investment of Rs. 643.25 crore.
“On the recommendations of the Foreign Investment Promotion Board (FIPB), the government has approved three FDI proposals of Rs 223.25 crore, and one proposal involving FDI of Rs 420 crore,” a statement said.
Proposals from Corona Remedies Private Limited and Ordain Health Care Global Pvt. Ltd. in the pharmaceutical sector, investment of Rs 118 crore and Rs 77.05 crore respectively, have been approved. Eight proposals in sectors like non-banking financial company, pharmaceuticals, defence, telecom, wholesale trading and investment company have been deferred for the time being.
All this is good news for people in the respective sectors. Induced investment is a part of Modi’s ‘Make in India’ campaign.