India has received around 347 foreign direct investment (FDI) proposals, worth close to Rs 75,951 crore from its neighbouring countries since April 18, 2020, the Parliament was informed on Wednesday.
According to a PTI report, 66 of the 367 proposals have been approved by the government, while 193 have been rejected, closed, or withdrawn, said the Minister of State (MoS) for Commerce and Industry Som Parkash in a written reply to the Lok Sabha.
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“Since 18th April 2020, 347 FDI proposals have been received by the government from countries sharing a land border with India or where the beneficial owner of investment into India is situated in or is a citizen of any such country…The value of investments proposed in the aforementioned proposals received by the government is approximately Rs 75,951 crore,” he said.
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In April 2020, the government had made its prior approval compulsory for foreign investments from countries that share a land border with India to control opportunistic takeovers of domestic firms following the COVID-19 pandemic.
India shares land borders with China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar and Afghanistan. According to the decision, FDI proposals from these countries need prior approval from the government for investments in India in any sector.
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The 66 approved proposals include the following sectors: automobile (7), chemicals (5), computer software and hardware (3), pharma (4), education (1), electronics (8), food processing (2), information and broadcasting (1), machine tools (1), petroleum and natural gas (1), power (1), services sector (11), reported PTI.
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The minister did not name any companies or countries in his statement.
The aggregate value of investments for these 66 proposals was Rs 13,624.88 crore.
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India has taken several steps targeting Chinese investments after border tensions between the two nations in 2020, including tightening scrutiny of investments or imports and banning some mobile apps.