Out Of Rs 1 Lakh Cr Value Of FDI Proposals From Nations Sharing Land Border With India, Half Is Cleared: Official

NEW DELHI, Dec 3: The federal government has obtained overseas direct funding (FDI) proposals price about Rs one lakh crore since April 2020 from international locations sharing land border with India and half of these functions have been cleared to date, a prime official stated. The remaining are both pending or withdrawn or rejected by the federal government.
In April 2020, the federal government got here out with a press notice beneath which the Centre made its prior approval necessary for overseas investments from international locations that share land border with India to curb opportunistic takeovers of home companies following the Covid-19 pandemic.
Nations which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.
As per that call, FDI proposals from these international locations want authorities approval for investments in India in any sector.
After that press notice, “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Rs one lakh crore have are available and in that, 50 per cent have been cleared and the remainder are both pending or withdrawn or rejected.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’s not a whole shutdown for that FDI. We’re taking a nuanced view on these functions, 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, stated.
The pending proposals are there with safety companies and sure ministries.
The quantity is “very huge” for proposals which have been withdrawn, the official added.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 key sectors beneath which these FDI proposals got here included manufacturing of heavy equipment, vehicle, auto parts; pc software program and {hardware}; buying and selling, e-commerce, and manufacturing of sunshine engineering and electrical.
Most of these functions had come from China. Moreover, Nepal, Bhutan and Bangladesh too had submitted sure functions.
India obtained USD 2.5 billion FDI fairness from China through the interval from April 2000 to September 2023.
Through 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.
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