54 Chinese foreign direct investment proposals pending with India: Finance Minister Nirmala Sitharaman

As political tensions between the two nations heightened just a couple of years ago, India sought to limit investments from China. As per a new revelation made by the Indian Finance Minister Nirmala Sitharaman on Monday, since the past year, New Delhi has received around 54 foreign direct investment (FDI) proposals from China. These proposals, as on March 21, 2023, remain pending.

"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," said Sitharaman while replying to a question in Lok Sabha, India's lower house of parliament.

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As per a PTI report, in April 2020, the Government of India (GOI) had amended the nation's FDI policy in order to curb "opportunistic takeovers/acquisitions" of Indian companies due to the COVID-19 pandemic.

Sitharaman said that India was not currently considering easing the restrictions placed on countries that share land borders with India or have an investor from the said nations.

Under the current regulations, only the government path is open to entities of nations that share a land border with India. Additionally, nationals ofsuchcountries, or if the beneficiaries of such an investment into India are located in these nations, they too can only invest under the government route. Furthermore, any transfer of ownership of any existing or future FDI in an Indian company resulting in the beneficial ownership falling within the specifics mentioned earlier also requires government approval.

(With inputs from agencies)

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