It is the intent and objective of the Government of India to attract and promote foreign direct investment (FDI) in order to supplement domestic capital, technology and skills, for accelerated economic growth. Foreign direct investment, as distinguished from portfolio investment, has the connotation of establishing a 'lasting interest' in an enterprise that is resident in an economy other than that of the investor.
The present consolidation subsumes and supersedes all Press Notes/ Press Releases/ Clarifications/ Circulars issued by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce & Industry, Government of India, which were in force as on April 09, 2012, and reflects the FDI Policy as on April 10, 2012. This Circular accordingly will take effect from April 10, 2012.
Notwithstanding the rescission of earlier Press Notes/ Press Releases/ Clarifications/Circulars, anything done or any action taken or purported to have been done or taken under the rescinded Press Notes/ Press Releases/ Clarifications/ Circulars prior to April 10, 2012, shall, in so far as it is not inconsistent with those Press Notes/ Press Releases/ Clarifications/ Circulars, be deemed to have been done or taken under the corresponding provisions of this circular and shall be valid and effective.
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