The FIFP, i.e., Foreign Investment Facilitation Portal, is an inter-ministerial body acting as an authority establishing frameworks for the Foreign Direct Investment policies, FEMA regulations, and other notified government bodies. The Foreign Investment Approval is for companies that don’t qualify for the automatic approval of FDIs in India. For example, Telecom Enterprises come under the list of such non-qualified companies.
The actual goal of the FIFP web portal is to increase Foreign Direct Investment in the country. But this foreign funding must be within the regulatory registrations and overall oversight of the Union Government. Therefore, every non-qualified company needing Foreign Investment Approval must get it from the FIFP before the investment gets used up for operations in India.
The following are the objectives of Foreign Investment Approvals in the country:
The authority responsible for the FIFP approval for the telecom sector is the DoT (Department of Telecommunication). To appease the DoT, the applicant must file the registration application along with the following documents:
Any of the following “conditional” documents:
The Foreign Investment Facilitation Portal (FIFP) Approval process in the Telecom sector is detailed in the following steps:
Within 10 days of filing the application, the applicant must submit a physical copy of the filed application along with the supporting documents to the Ministry of Telecommunications.
The DoT will access your application as well as documents as per its FIFP regulations. If the DoT finds any discrepancies in the application, it will inform the applicant. You’ll be granted the FIFP approval certificate if there are no mistakes.
The Department of Telecommunications will review the pending Foreign Direct Investment proposals monthly. Also, the Secretary of the DPIIT will convene regular review meetings. The meetings will be conducted on the pendency of FDI proposals with the Department every four to six weeks. The Secretary of the DPIIT will also attend the said meeting.
The Department of Telecommunications must update the information as per the date of the physical receipt of the approval application and the said decisions taken on the FIFP portal. It must also furnish a fortnightly report on the pending proposals and maintain an updated database of all the FIFP proposals dealt with by Authorities.