Home News India border countries: 347 FDI proposals received from countries sharing land border with India; 66 approved

India border countries: 347 FDI proposals received from countries sharing land border with India; 66 approved

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India border countries: 347 FDI proposals received from countries sharing land border with India; 66 approved

Since April 18, 2020, the government has received as many as 347 foreign direct investment (FDI) proposals worth about Rs 75,951 crore from countries bordering India’s land, Parliament was informed on Wednesday. So far, out of 347 proposals, 66 proposals have been approved by the government and 193 have been rejected, closed or withdrawn, Commerce and Industry Minister of State Som Pakash said in a written reply to the Lok Sabha.

“Since April 18, 2020, the government has received 347 proposals for foreign direct investment from countries bordering India’s land border or where the beneficial owner of the Indian investment is located or is a citizen of any such country…. .. the investment proposed in the above proposal received by the government is around Rs 75,951 crore,” he said.

In April 2020, in an effort to curb opportunistic takeovers of domestic companies in the wake of the COVID-19 pandemic, the government mandated prior approval for foreign investments from countries bordering India.

Countries bordering India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan. According to the decision, FDI proposals from these countries require government approval to invest in any sector in India.

66 approved proposals came from automotive (7), chemical industry (5), computer software and hardware (3), pharmaceuticals (4), education (1), electronics (8), food processing (2), information and broadcasting (1) ), machine tools (1), oil and gas (1), electricity (1), services (11).

The total investment value of the 66 proposals amounts to Rs 13,624.88 crore.

In another reply, Pakash said that it had been decided to develop a platform for data exchange between operators of all modes.

Therefore, the Unified Logistics Interface Platform (ULIP) was designed by the National Industrial Corridor Development Corporation Limited (NICDC) under the direction of NITI Aayog.

“At present, the platform has been integrated with 24 systems (CBIC) of six ministries including the Ministry of Ports, Shipping and Waterways, the Ministry of Railways, the Ministry of Road Transport and Highway, the Ministry of Civil Aviation, the General Administration of Foreign Trade, and the Central Indirect Taxation Bureau through 78 application programming interfaces (APIs). ),” he added.

National Highways Logistics Management Ltd (NHLML), a wholly-owned subsidiary of NHAI, has tendered for the development of the Nagpur, Chennai and Bangalore Multimodal Logistics Parks (MMLPs) and has launched a feasibility study for the MMLPs in Indore.

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