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The department-related Parliamentary Standing Committee on Commerce in its report has recommended the Department for Promotion of Industry and Internal Trade (DPIIT) for taking necessary steps for disposal of 205 pending FDI proposals by the respective ministries. It also suggested that the DPIIT should build up on the positive trend gained in the last five years and continue to make India an attractive destination for investment.

It said that since the abolition of FIPB (foreign investment promotion board), 471 out of 676 proposals (including 99 proposals transferred from FIPB) have been disposed off as on February 15, 2021. It recommended the department to take concerted steps to address the critical issues and concerns faced by potential foreign investors and provide a seamless process for investing in India.

Besides, regarding intellectual property, it said the committee has suggested the department fill the vacancy at all levels in the patent office at the earliest. On the fund of fund scheme (FFS) for startups, it expressed concerns over the low number of startups benefitting under FFS as lack of adequate funding may adversely impact the functioning and commercial viability of startups.