new delhi industry body cii on wednesday welcomed the governments move to abolish the foreign investment promotion board saying it will boost fdi inflows into the countrythe momentous initiative scrapping of fipb which is a followup of the measure announced in the union budget would streamline the process of fdi approvals and thereby boost fdi flows into the country adding to growth and employment cii director general chandrajit banerjee saidhe said the move would take foreign direct investment fdi inflows to greater heights and reinforce the attractiveness of india as a viable business destinationthe bold step of dismantling of fipb with only 11 sectors now needing approval along with decisions such as a single window to clear fdi proposals reflect the governments commitment to reforms and reassures investors that ease of doing business remains a high priority banerjee saidbesides the industry body said the forging of strategic partnership for defence under the make in india initiative cleared by the cabinet today will give a fillip to indigenisation of indias defence industry and pave the way for greater transfer of technology from foreign firms to domestic partnersthe union cabinet today approved winding up of the 25 yearold foreign investment promotion board fipb which has been vetting fdi proposals requiring government approval finance minister arun jaitley in his budget speech on february 1 had announced the scrapping of the interministerial body which comes under the ministrys department of economic affairsfipb was constituted under the prime ministers office following economic liberalisation in the early 1990s currently only 11 sectors including defence and retail trading require government approval for fdi