Streamlined approvals, KYC norms will help boost FDI flows: Piyush Goyal

Improvements in processes and procedures, more efficient KYC norms, and streamlined approvals will facilitate a faster flow of foreign direct investment and provide greater comfort to investors, Commerce and Industry Minister Piyush Goyal said on Thursday.

There are very few sectors where foreign direct investment (FDI) is restricted, and the government is open to ideas from industry to further improve the investment regime, he said.

"Our focus is on process and procedures...There is a tremendous scope to improve processes and procedures, to help faster flow of FDI and to help give comfort to the investors," Goyal told PTI when asked if the government is considering a proposal to promote ease of doing business for foreign investors.

On how the government can streamline processes, he said wherever investments need DPIIT (Department for Promotion of Industry and Internal Trade) or government approvals, processes can be streamlined to make them faster.

"We can have faster and more ...