March 17, 2022
The government had made prior approval for foreign investments mandatory for countries sharing land border with India in order to curtail takeovers of domestic firms after the pandemic.
The remaining 193 proposals have either been rejected, withdrawn or closed.
India shares land borders with China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.
These 66 proposals will contribute to various important sectors in India.
India has received 347 Foreign Direct Investment (FDI) proposals worth INR 75,951 crore from neighboring countries since April 18, 2020, Parliament was informed on Wednesday.
Out of these 347 proposals, the Indian government has approved 66 of them. The remaining 193 proposals have either been rejected, withdrawn or closed as stated by the Minister of State for Commerce and Industry, Som Parkash.
Earlier in April 2020, the government had made prior approval for foreign investments mandatory for countries sharing land border with India in order to restrain confiscation of domestic firms after the pandemic.
India shares land borders with China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. Hence, as per the government, proposals from these countries need to have government approval before making any investments in India.
The 66 proposals that have been granted a green signal from the government include sectors such as automobile (7), chemicals (8), food processing (2), information and broadcasting (1), machine tools (1), petroleum and natural gas (1), power (1), services sector (11).
The total value of these 66 FDI proposals add up to a total of INR 13,624 crore.
