March 10, 2021 3:06:25 am
Ministries are to take the final call on whether to approve pending foreign direct investment (FDI) proposals from land bordering countries like China, clarified Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra on Tuesday.
An inter-ministerial committee formed to scrutinise these proposals does not decide on approvals to these FDI proposals, for which government approval was made mandatory in April 2020. The committee’s role was to “monitor” these proposals, the issues associated with them and the progress on their approvals, according to Mohapatra.
“There are some proposals getting approved…,” said Mohapatra during a media briefing on India’s investment promotion reforms and ease of doing business. “Ultimately, the approval route belongs to the ministries concerned,” he said. “Because there was a pandemic going on, there was a possibility of distressed companies being acquired at unrealistically low costs,” said Mohapatra.
The restrictions on investments from land-bordering countries were notified by DPIIT on April 18.
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