India gets more FDI proposals in 3 sectors

New Delhi: The government has received maximum foreign direct investment (FDI) proposals in three departments of electronics and IT, industry and internal trade, and heavy industries from countries sharing land border with India, an official said.

In April 2020, the government had made its prior approval mandatory for foreign investments from countries that share land border with India to curb opportunistic takeovers of domestic firms following the Covid-19 pandemic. Countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.

As per that decision, FDI proposals from these countries need government approval for investments in India in any sector. The major sectors under which these FDI proposals mainly came included manufacturing of heavy machinery, automobile, auto components, computer software and hardware, trading, ecommerce, and manufacturing of light engineering and electrical, the official said.

Besides, these three departments, the ministry of new and renewable energy and department of pharmaceuticals have also received several proposals from these countries, the official added. Further, pending FDI proposals received under this decision up to June 15 this year in the Ministry of Electronics and IT Department for Promotion of Industry and Internal Trade (DPIIT), and Ministry of Heavy Industries are over 40.