'Panel of secretaries working on simplification of FDI rules'

A government panel is working on simplification of foreign direct investment (FDI) rules, including speed of approval of proposals as well as switching to an automatic approval mode, Commerce and Industry Minister PIYUSH GOYAL told Shreya Nandi in New Delhi in a post-Budget interview. Edited excerpts:

- Shreya Nandi

The Budget talks about simplification of FDI rules...

We have worked out a few things that the committee of secretaries is examining. There will be simplification in terms of processes, procedures, and speed of approval. We could put some items in automatic approval mode instead of (government) approval mode. It's a mixed bag, there are many things there. They will put it up with the finance minister, then the Prime Minister, and then it will go for Cabinet approval.

Does it mean that Foreign Investment Promotion Board (FIPB) type of a structure will be back again to speed up FDI proposals' approval process?

I don't know what will happen and what will not happen.

There has been a surge in gold and silver imports over the last few months. What's the rationale behind the reduction in import duty?