Out of Rs 1 lakh cr price of FDI proposals from nations sharing land border with India, half is cleared: Official

In April 2020, the federal government got here out with a press be aware below which the Centre made its prior approval necessary for overseas investments from nations that share land border with India to curb opportunistic takeovers of home companies following the Covid-19 pandemic.

International locations which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.

As per that call, FDI proposals from these nations want authorities approval for investments in India in any sector.

After that press be aware, “proposals price about Rs one lakh crore have are available and in that, 50 per cent have been cleared and the remainder are both pending or withdrawn or rejected. So it is not an entire shutdown for that FDI. We’re taking a nuanced view on these purposes, relying on whether or not they’re including worth to our manufacturing capacities or not,” the federal government official, who didn’t want to be named, mentioned.

The pending proposals are there with safety businesses and sure ministries. The quantity is “very large” for proposals which have been withdrawn, the official added. An inter-ministerial committee has been fashioned by the federal government to scrutinise these proposals.

The foremost sectors below which these FDI proposals got here included manufacturing of heavy equipment, vehicle, auto parts; laptop software program and {hardware}; buying and selling, e-commerce, and manufacturing of sunshine engineering and electrical.

Most of these purposes had come from China. Apart from, Nepal, Bhutan and Bangladesh too had submitted sure purposes.

India obtained USD 2.5 billion FDI fairness from China in the course of the interval from April 2000 to September 2023.

In the course of the interval, India obtained USD 0.08 million investments from Bangladesh, USD 4.51 million from Nepal, USD 9 million from Myanmar and USD 2.57 million from Afghanistan.

China’s largest automaker SAIC Motor has final month inked a three way partnership settlement with the JSW Group to speed up the transformation and progress of MG Motor in India, which has been struggling to lift capital to fund future progress.

As per the shareholder settlement, share buy and share subscription settlement signed in London, JSW Group will maintain a 35 per cent stake within the Indian JV operations.