FDI Proposals

The government has approved 98 foreign direct investment (FDI) proposals from countries sharing land border with India since April 2020 out of 423 received from sectors including trading and electronics, Parliament was informed on Wednesday. Many of these proposals are from China, either directly or indirectly, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. "Since April 2020, 98 FDI proposals from countries sharing land border with India were approved by various administrative ministries/departments," he said, adding since April 2020, 423 FDI proposals from countries sharing land border with India were received. Majority of the proposals received are in trading, technology, electronics, automobiles, renewable energy, financial services, pharmaceuticals and chemicals sectors, he added. In April 2020, the government had made its prior approval mandatory for foreign investments from countries that share land border with India to curb

Out of 382 FDI proposals the central government received from Chinese firms, India approved 80 till June 29

According to the Cabinet decision taken on Wednesday, all procurement in India - for domestic or export markets - will be accepted as local sourcing

The Union Cabinet also approved 100% FDI under automatic route in coal mining and associated infrastructure

The commerce and industry ministry is working on a proposal that would be finalised soon and sent for Union Cabinet's approval

FDI proposals requiring government's nod will have to be vetted by ministries

The proposals of Oxford University Press and Dr Reddy's Laboratories were among those approved by the board

FIPB also approved the proposal of Yes Bank to hike foreign investment limit to 74%, from present 41%