This Article is From Mar 16, 2022

Foreign Investments Worth $1.79 billion Approved From Neighbours, Says Government: Report

Foreign investments Of $1.79 billion from neighbours approved, in government's first statement since tightening controls after tensions with China.

Foreign Investments Worth $1.79 billion Approved From Neighbours, Says Government: Report

India approves investments worth $1.79 billion from its neighbours

NEW DELHI:

India said on Wednesday it had approved foreign investment worth $1.79 billion from neighbouring states in its first statement since tightening controls after tensions with China in 2020.

India said in April 2020 that foreign direct investment from countries with which it shares a land border would need prior government approval to deter what it called "opportunistic" takeovers. This move is seen as mainly directed at China.

India, which shares land borders with China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar, and Afghanistan, did not name any companies or countries in its statement.

The government said it had received 347 proposals from neighbouring states worth almost $10 billion since April 2020.

It said in parliament that 66 proposals had been approved, covering the auto, pharmaceutical, financial and electronic industries, while 193 proposals had been rejected, closed or withdrawn.

India has taken several steps targeting Chinese investments after border tensions between the two Asian nations in 2020, including tightening scrutiny of investments or imports and banning some mobile apps.

($1 = 76.2500 Indian rupees)

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