Half Of FDI Proposals From Border Nations Cleared: Official

New Delhi, Dec 4 (KNN) Since April 2020 the government has received foreign direct investment (FDI) proposals worth about Rs 1 lakh crore from countries sharing land border with India, a government official told TOI. 

Half of those applications have been cleared so far, informed the top official. 

The central government in April 2020 released a press note which made its prior approval mandatory for foreign investments from countries that share land border with India to curb opportunistic takeovers of domestic firms following the pandemic.

Countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. 

According to that decision, FDI proposals from these countries need government approval for investments in India in any sector.

After that press note, “proposals worth about Rs 1 lakh crore have come in and in that, 50% have been cleared”. 

“So it’s not a complete shutdown for that FDI. We are taking a nuanced view on those applications, depending on whether they are adding value to our manufacturing capacities or not,” the government official, who did not wish to be named, said. 

The pending proposals are there with security agencies and certain ministries.

(KNN Bureau)