The Union Cabinet on Wednesday approved a policy providing preference to domestically manufactured goods for government procurements, in a major step to boost the government’s Make in India initiative. It also approved the abolition of the Foreign Investment Promotion Board (FIPB), which has, for 25 years, been the single-point window for clearing foreign direct investment (FDI) proposals requiring government nod.

The Union Cabinet on Wednesday approved a policy providing preference to domestically manufactured goods for government procurements, in a major step to boost the government’s Make in India initiative. It also approved the abolition of the Foreign Investment Promotion Board (FIPB), which has, for 25 years, been the single-point window for clearing foreign direct investment (FDI) proposals requiring government nod.