<h1>India Phases Out FIPB: FDI Applications to Be Handled by Relevant Ministries to Boost Foreign Investment.</h1> The Union Cabinet, led by the Prime Minister, approved the phasing out of the Foreign Investment Promotion Board (FIPB), transferring the responsibility of processing Foreign Direct Investment (FDI) applications to the relevant Ministries and Departments. This move aims to simplify the approval process under the existing FDI Policy and FEMA, with the Department of Industrial Policy Promotion providing guidance through a Standard Operating Procedure. This change is expected to enhance India's attractiveness to foreign investors, boost FDI inflow, and promote a governance model of Maximum Governance and Minimum Government.