World

No change in policy on Chinese FDI post disengagement

ANI | February 23, 2021 03:27 PM
Representative Image

New Delhi [India], February 23 (ANI): There is no change in the foreign direct investment (FDI) policy from China post disengagement and easing of tension between the two Asian giants.

The Commerce Ministry sources discarded recent media reports, which suggested that with easing of tensions at the border, India has given approval to various Chinese FDI's and many are in pipeline.

Government sources told ANI that there is no change or easing in FDIs from China as of now and nor it is planned in near future. All investments from China have to follow the procedures and government clearance route, nod will only be given to those investments that bear no implications on Indian security interests. Any Chinese company that potentially impinges on India's security will not be cleared.

Ever since the Galwan clash at the eastern border, India has tightened screws on Chinese investment inflows coming into India and has also banned several Chinese apps. Beijing says these actions are against the ethos and rules of the World Trade Organization (WTO).

However, the government sources say that three proposals, which are recently cleared are based in Hong Kong and one is a Japanese origin company; they are all security cleared.

Sources said clearance of investments had no linkage with disengagement as projected by some media reports. These proposals came up during the meeting on January 22 and were cleared by Ministry of Commerce and Industry on February 5.

Defence Minister Rajnath Singh announced disengagement plan on February 11 in the Upper House of the Parliament.

According to Commerce Ministry sources, one company that has got the go-ahead is Nippon Paint Holdings Co. Ltd, Japan (Nippon Japan). Nippon Japan is listed on the Tokyo stock exchange.

Another FDI proposal, which is cleared is of Citizen Watches (India) Private Limited (Citizen Watches (HK) Ltd, Hong Kong (Citizen Watches Hong Kong) which is 100 per cent held by Citizen Watches Company Limited, Japan (a company listed on the Tokyo Stock Exchange).

FDI proposal of Netplay Sports Private Limited is also recently cleared, according to commerce ministry sources, Netplay India is involved in sports, amusement and recreation activities. The investee company has set up a chain of sports facilities/centers for, inter alia, badminton, basketball, football. Four more sports centres are proposed to be opened with the investment funds. (ANI)

Have something to say? Post your comment
Must Read
Hoshiarpur Police to get tough against violations of COVID Norms
Hoshiarpur Police to get tough against violations of COVID Norms
On PM-Kisan's 2nd anniversary, PM Modi says govt doing everything possible to double farmers' income
On PM-Kisan's 2nd anniversary, PM Modi says govt doing everything possible to double farmers' income
Punjab CM virtually launches Rs 1087 crores development projects under Smart City and AMRUT schemes
Punjab CM virtually launches Rs 1087 crores development projects under Smart City and AMRUT schemes
Punjab Cabinet paves way for deemed approval of regulatory clearances & auto renewal for industrial projects
Punjab Cabinet paves way for deemed approval of regulatory clearances & auto renewal for industrial projects
Punjab Cabinet approves implementation of Mission Lal Lakir in all villages
Punjab Cabinet approves implementation of Mission Lal Lakir in all villages
Punjab Cabinet okays amendment to Indian Partnership Act, 1932 to revise nearly 90-year-old fee structure
Punjab Cabinet okays amendment to Indian Partnership Act, 1932 to revise nearly 90-year-old fee structure
Punjab Cabinet approves restructuring of 5 more departments to create 1875 new posts & boost efficiencies
Punjab Cabinet approves restructuring of 5 more departments to create 1875 new posts & boost efficiencies
Indian  Youth Congress president of Faridkot district allegedly shot dead in the evening.6 bullets fired at him at point-blank range near his car
Indian Youth Congress president of Faridkot district allegedly shot dead in the evening.6 bullets fired at him at point-blank range near his car
Jang-e-Azaadi memorial reopened for public after 11 months
Jang-e-Azaadi memorial reopened for public after 11 months
Three lakh school students participate in competitions dedicated to 400th Parkash Purb of Guru Tegh Bahadur ji: Vijay Inder Singla
Three lakh school students participate in competitions dedicated to 400th Parkash Purb of Guru Tegh Bahadur ji: Vijay Inder Singla
Punjab gears up for General Elections of Municipal Bodies
Punjab gears up for General Elections of Municipal Bodies
Earthquake measuring 6.1 jolts Jalandhar, strong tremors felt in J&K, Delhi-NCR
Earthquake measuring 6.1 jolts Jalandhar, strong tremors felt in J&K, Delhi-NCR