Under which Union ministry does the Department for Promotion of Industry and Internal Trade (DPIIT), which frames India's FDI policy, function?
Question and options
Under which Union ministry does the Department for Promotion of Industry and Internal Trade (DPIIT), which frames India's FDI policy, function?
Ministry of Commerce and Industry
Ministry of Micro, Small and Medium Enterprises
Ministry of Heavy Industries
Ministry of Finance
Answer and explanation
Correct answer: A - Ministry of Commerce and Industry
The Department for Promotion of Industry and Internal Trade is one of the two departments of the Ministry of Commerce and Industry, the other being the Department of Commerce, and it issues the consolidated FDI policy and press notes. The Ministry of Heavy Industries is a separate ministry, and the Ministry of Finance's Department of Economic Affairs deals with FEMA rules on non-debt instruments.
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