Faster FDI approvals on the horizon as India empowers trade missions

India is looking to strategically leverage its trade missions to position itself as a more attractive destination for foreign investment, according to two people familiar with the matter. Indian missions abroad would be given the authority to grant in-principle approvals to foreign direct investment (FDI) proposals from different countries in a move that could cut through bureaucratic hurdles, the persons cited above said on the condition of anonymity. The Centre's thinking-discussed in a recent high-level meeting involving key government ministries-comes in the backdrop of a global realignment of supply chains and keen interest from international businesses seeking manufacturing alternatives to…