Government Received 120-130 FDI Proposals Worth Rs 12,000 Crores From China Since April: Report


As per decision, FDI proposals from China need government approval for investments in India in any sector

New Delhi:

The government has received over 120 foreign direct investment (FDI) proposals worth about Rs 12,000 crore from China since April, when it was made mandatory for a company from countries sharing land border with India to invest in any sector only after getting government approval, sources said.

As per that decision, FDI proposals from China need government approval for investments in India in any sector.

An inter-ministerial committee has been formed by the government to scrutinise these proposals, they said adding most of the investments are for brownfield projects (means in existing Indian companies).

In April this year, the Department for Promotion of Industry and Internal Trade (DPIIT) came out with a press note stating that a company or an individual from a country that shares land border with India can invest in any sector here only after getting government approval.

The decision was taken to curb opportunistic takeovers or acquisitions of domestic firms due to the current COVID-19 pandemic.

“We have received 120-130 FDI proposals from China, worth about Rs 12,000 crore – Rs 13,000 crore,” the sources told news agency Press Trust of India.

Newsbeep

India received FDI from China worth USD 2.43 billion (Rs 15,526 crore) between April 2000 and September 2020.

The sources further told news agency PTI that certain Chinese companies have applied for registration for bidding in government contracts and those proposals have been sent to the Home Ministry.

There are no restrictions on Chinese firms for bidding in projects funded by multilateral institutions, they said.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

Latest articles

Gujarat health advisory lists SOPs against mucormycosis. Wearing masks is one of them.Ahmedabad: The Gujarat health department has issued an advisory to...

Government Received 120-130 FDI Proposals Worth Rs 12,000 Crores From China Since April: Report

As per decision, FDI proposals from China need government approval for investments in India in any sectorNew Delhi: The government has received...

PM Modi To Address Centenary Celebrations Of Visva-Bharati University On Thursday

PM Modi will address the centenary celebrations of the Visva-Bharati University, ShantiniketanNew Delhi: Prime Minister Narendra Modi will address the centenary celebrations...

Mumbai Motorman Stops Train On Time, Saves Unconscious Man On Track: Cops

The train halted a short distance from the man. (Representational)Thane: Timely action by an alert motorman of the Central Railway saved the...
44.1k Followers
Follow

Related articles

Leave a reply

Please enter your comment!
Please enter your name here