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New Delhi, February 22
The government has set up a coordination committee comprising officials from the Ministries of Home, External Affairs and Commerce, besides the Niti Aayog, for case-by-case vetting of Chinese foreign investment proposals stuck for nearly a year.
$2 billion at stake
- 150 Chinese proposals are on hold since April 2020
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Are worth $2 billion; include those routed by Japanese and US firms via Hong Kong
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The plan is to divide the proposals into sensitive and non-sensitive categories
The plan is to divide the proposal into sensitive and non-sensitive categories. There could be faster clearances for proposals from automobiles, electronics, chemicals and textile sectors while the ones in sensitive categories, such as data generation and finance, may see slower clearances.
Among the proposals is a car plant to be set up by US giant General Motors in collaboration with Chinese firm Great Wall ($1 billion investment). SAIC, owner of UK brand MG Motor, plans to invest $250 million.
In April last year, the government had amended the FDI policy to keep out China. The approach was in line with Germany, Italy and Australia to safeguard Covid-hit industries that could be soft takeover targets. — TNS
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