A 90 day maximum time frame was set by the Department of Industrial Policy and Promotion (DIPP) has to process all outstanding FDI proposals in single-brand retail.
Under fire for holding up 13 applications to open single-brand retail outlets from several major foreign retailers which also includes Forever 21, Furla and Swarovski, the DIPP is now attempting to fast-track its approval process to avoid further criticism.
“We will ensure zero pendency of applications at the DIPP and strict compliance to the [90 day] timeline from now on,” a DIPP department official said.
Under a new timeline likely to be implemented soon, the DIPP will process and forward applications to the Foreign Investment Promotion Board (FIPB) within 20 days.
Unfinished applications will be returned to applicants during the same time period and a corrected application can be submitted within 30 days.
Applicants that do not respond to DIPP requests to rectify their application within a month will be granted an additional 20 days to meet the terms.
“The 90 day timeline will include giving time and date to the applicant to visit [the] office to complete formalities [and] failing [to do so], the proposal will be rejected,” the DIPP official added. This new accelerated time frame will only apply to new proposals, according to the official.