45 investment proposals from China to get Centre nod: Govt sources
The central government is likely to clear 45 foreign direct investment (FDI) proposals from China, government sources told Reuters. About 150 investment proposals from China worth more than USD 2 billion were stuck in the pipeline after the government, in April 2020, changed the rules to allow FDI from neighbouring countries only with its prior approval, even in sectors where automatic clearances were allowed. The government sources further stated that now to help ease the approval process, the government has set up a coordination committee comprising officers from the Ministries of Home, External Affairs, Commerce & Industry and NITI Aayog, which looks at the issues. All FDI proposals from neighbouring countries are to be vetted by the ministry concerned, which will decide on it. In case of automatic approvals, companies have no obligation to seek prior permission from the government.