Foreign investments

Foreign investment worth $1.79 billion approved by neighbors, govt says: report

India approves investments worth $1.79 billion from neighbors

NEW DELHI:

India said on Wednesday it had approved foreign investments worth $1.79 billion from neighboring 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 require prior government approval to deter what it called “opportunistic” takeovers. This decision is considered to be mainly directed against 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 has received 347 proposals from neighboring states worth nearly $10 billion since April 2020.

He told parliament that 66 proposals had been approved, covering the automotive, pharmaceutical, financial and electronics industries, while 193 proposals had been rejected, closed or withdrawn.

India has taken several measures targeting Chinese investments after border tensions between the two Asian countries in 2020, including tightening investment or import controls and banning certain mobile apps.

($1 = 76.2500 Indian rupees)