India on Wednesday has said that it has given a nod to foreign investment worth $1.79 from neighboring countries.
Earlier in April 2020, India had announced that it would be mandatory for the neighboring countries sharing a land border to take the government’s approval for the foreign direct investment to prevent “opportunistic” takeovers.
The government in its latest statement stated that it had received 347 proposals from the neighboring countries worth around $10 billion since April 2020. The government has given a nod to 66 proposals covering various sectors including pharmaceuticals, auto, electronic, and financial, while 193 proposals had been rejected, closed, or withdrawn.
Due to ongoing border tensions between India and China that started in the year 2020, India has taken various steps to target Chinese investments such as tightening scrutiny of investment, imports, and banning mobile apps.
