Recently the union government announced to abolish Foreign Investment Promotion Board FIPB Consider ...........

Economic Affairs Foreign Investment

Recently the union government announced to abolish Foreign Investment Promotion Board (FIPB). Consider the following statements FIPB.

1.FIPB is administered by the department of economic affairs under the ministry of finance.

2.Foreign investments in sectors under the automatic route do not require prior approval from the FIPB.

Choose the correct statement/s

Only 1

Only 2

Both 1 and 2

None of the above

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Explanation:

Both of the statements about the Foreign Investment Promotion Board (FIPB) are correct:

FIPB was indeed administered by the Department of Economic Affairs under the Ministry of Finance.

Foreign investments in sectors under the automatic route did not require prior approval from the FIPB. The automatic route allowed for direct investment without needing explicit approval from FIPB or the government, streamlining the investment process in those sectors.

Therefore, both statements 1 and 2 are correct.