India has received around 347 foreign investment proposals from neighbouring countries, the Parliament was informed on Wednesday.
In a written reply to Lok Sabha, Minister of State (MoS) for Commerce and Industry Som Parkash said the the value of investments proposed in the proposals received by the government is approximately ₹75,951 crore.
Of the received proposals, 66 of them have so far been granted approval by the government and 193 cases have been rejected or closed or withdrawn, he said.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 border 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 66 approved proposals are from sectors including automobile (7), chemicals (5), computer software and hardware (3), pharma (4), education (1), electronics (8), food processing (2), information and broadcasting (1), machine tools (1), petroleum and natural gas (1), power (1), services sector (11).
The total value of investments of these 66 proposals aggregated to ₹13,624.88 crore.
India has taken several steps targeting Chinese investments after border tensions between the two Asian nations in 2020, including tightening scrutiny of investments or imports and banning some mobile apps.