New Delhi: The dip in applications before the Foreign Investment Promotion Board (FIPB) only a sign of ease of doing business in the country with 98 percent FDI inflows through the automatic route, a top finance ministry official said on Saturday.

“(As much as) 98 percent FDI now comes through automatic route. Dwindling FIPB applications is a positive sign as we move towards greater ease of doing business,” said Economic Affairs Secretary Shaktikanta Das.

Investments in sectors not under automatic FDI route need FIPB approval.