Nod to 66 FDI proposals to fetch Rs 13,625 cr

New Delhi, Mar 20-

Out of 347 FDI proposals worth Rs 75,951 crore received since April 2020 from countries sharing land border with India, the government approved 66 of them involving an investment of Rs 13,625 crore.

As many as 193 cases have been rejected or closed or withdrawn, Minister of State for Commerce and Industry Som Parkash said in a written reply in the Lok Sabha.

Amid fears that Indian firms could be target of opportunistic takeover by Chinese companies in the wake of Covid pandemic, the government had on April 18, 2020 announced to amend the FDI policy.

The revised policy stated that an entity of a country which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country can invest only under the government route.

Since 18th April, 2020, 347 FDI proposals have been received by the government from countries sharing land border with India or where the beneficial owner of an 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. Of the aforementioned proposals, 66 proposals have so far been granted approval by the government. 193 cases have been rejected or closed or withdrawn,” Som Parkash said in the written reply to the question.

As per data shared by the Minister, investment proposals approved by the government were mainly in sectors such as pharma, electronics, non-conventional energy and services (banking, insurance, finance, technology etc)

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