Saturday, May 18, 2024

54 Chinese investment proposals pending, says Sitharaman

Finance Minister Nirmala Sitharaman Monday said the government has received about 54 foreign direct investment (FDI) proposals from China since last year and all the proposals are pending for approval.

“54 FDI proposals received during the past year and current year with investor/ beneficial owner from China/Hong Kong are pending for decision with government as on March 21, 2023,” Sitharaman informed lawmakers.

The finance minister further said the government is not mulling to ease restrictions put in place in 2020 on foreign investments from countries that share land border with India.

In 2020, after soldiers of both the countries clashed at Line of Actual Control (LAC) in Ladakh, the Indian government restricted the investments from China. The restrictions called for beneficial owners of a country sharing a land border with India to seek government’s approval for investments.

The restrictions were imposed to prevent hostile takeovers of Indian firms during COVID-19 pandemic.

 

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