India will have attracted investments worth more than Rs 50,000 crore by the end of this financial year, economic affairs secretary Arvind Mayaram said.

In a recent interview, Mr. Mayaram said that FIPB meetings were taking place regularly and difficult projects were being cleared.

Speaking on the topic, he added, "Our expectation is that before March 31, total investment in projects that would have been approved would be more than Rs 50,000 crore, and in a matter of four months."

He said that the government set up Cabinet Committee on Investment to take quick decisions on investment proposals because foreign investors complain that the approvals for the investment projects consume four to five years, and they could not wait for so long.

The government wanted the whole process to be quick so that foreign investors could start looking at the great potential of the Indian market.

He also pointed out the latest approval for NTPC's power project that had been hanging for more than a decade. The project is worth Rs 13,000-crore investment.

Meanwhile, the Department of Industrial Policy & Promotion (DIPP) is preparing to move a Cabinet note to amend the FDI policy to bring more clarity on the definition of `control'. The objective behind the move is to clearly define foreign investor's rights in controlling stake in an Indian entity.

The Reserve Bank of India (RBI) will too amend the Foreign Exchange Management Act (FEMA) to incorporate the new definition.