The government has received over 120 foreign direct investment (FDI) proposals worth about Rs 12,000 crore from China since April, when it wa🍷s made mandatory for a company from countries sharing land border with India to invest in any sector onl🐲y after getting government approval, sources said.
As per that decision, FDI p♐roposals from China need government approval for investments in India in any sector.
An inter-ministerial committee has been formed by the government to scrutinise these proposals, they said adding most of the investments are for brownfield projects (means in existing Indian compa⛎nies).
In April this year, the Department for Promotion of Industry and Internal Trade (DPIIT) came out with a press note stating that a company or an individual from a country that shares land border with India can invest in any sector here onl𒐪y after getting government approval.
The decision was taken to curb opportunistic takeovers or acquisitions of domestic firms ꦡdue to the current Covid-19 pandemic.
"We have received 120-1ඣ30 FDI proposals from China, worth about Rs 12,000 crore - Rs 13,000 crore,&q🌸uot; they added.
India received FDI🎶 from China w꧅orth USD 2.43 billion (Rs 15,526 crore) between April 2000 and September 2020.
Further sources said that certain Chinese companies have applied for registration for bidding in government contracts and those proposals have been sent ℱto the home ministry.
There are no restrictions on Chinese🃏 firms for bidding in projects funded by multilateral institutions, they said.
