Union Cabinet today approved abolition of Foreign Investment Promotion Board (FIPB) which currently vets FDI proposals requiring the government approval. 

Currently, FDI in 11 sectors including defence and retail trading requires FIPB approval. Now, the processing and approval of FDI proposals in these sectors will be handled by concerned Ministries and Departments. 

Briefing reporters Finance Minister Arun Jaitley said the Department of Industrial Policy and Promotion will issue standard operating procedures for processing of FDI proposals. 

The decision will improve attractiveness of India as an investment destination and result in more FDI inflow. It will also improve ease of doing business and promote minimum government and maximum governance. 

In his Budget speech the Finance Minister had announced scrapping of the FIPB. 

Union Cabinet also approved 255 rupees per quintal Fair and Remunerative Price (FRP) of sugarcane payable by sugar mills for 2017-18 season. The rate will be for a basic recovery rate of 9.5 percent. 

The decision will help sugar cane growers guaranteed price. 

In an another important decision, the Cabinet gave its nod to Noida - Greater Noida Metro rail project with a total cost of 5503 crore rupees. 29. 7 Kilometers stretch of metro line will be fully elevated and be completed by April 2018. 

It will help mobility of people to satellite towns of Delhi and de-congest the national capital. 

The people of Noida and Greater Noida with a population of 7.5 lakh and people of adjoining areas will be benefited by this metro link. 

The line will also generate significant direct and indirect employment.

Cabinet has also approved setting up of new AIIMS in Kamrup, Assam under Pradhan Mantri Swasthya Suraksha Yojana. 

It will have 750 beds, trauma center facilities, medical and nursing college and other facilities. 

The institution will provide super specialty health care to the population and create a large pool of doctors and other health workers in this region who can serve primary and secondary level institutions under the National Health Mission. 

The project will cost 1123 crore rupees and will be completed in 48 months from the date of approval.

The Cabinet also approved amendment to Central Road Fund Act to facilitate allocation of 2.5 percent of Central Road Fund for development and maintenance of national waterways. 

Nearly 1.8 lakh persons will get employment in the inland waterways transport sector in the next five years.#casansaar (NewsonAir)