Further Relaxation of FDI Norms

In a recent press release the ministry of commerce and industry has further relaxed the norms with regard to foreign direct investment(FDI).
Status Quo:
At present projects which involve a total cost of less than Rs. 600 crore are approved by the Finance Minister. Projects which involve a total cost of more than Rs. 600 is placed before the Cabinet Committee on Economic Affairs (CCEA) for approval.
Change:
The press release mandates that only projects which involve a total cost of more than Rs 1200 will require the prior approval of the CCEA.
The government's further liberalization, the policy is expected to save time and efforts of the FIPB/CCEA and further expedite foreign investment inflow.