MUMBAI : If India doesn’t want Chinese money,’’ said the executive of a venture capital fund in Beijing, “then more money will go to another country." The pragmatic, young Chinese man, experienced in doing business in India, already had alternative investment destinations in mind as we spoke online.
New Delhi had changed its foreign direct investment (FDI) rules on 18 April, setting off alarms in Beijing. “India’s not critical [to China’s investment plans],’’ he said. “Many investors will lose confidence and back off.’’ India has blocked the automatic route for investments from nations that share a land border to prevent “opportunistic takeovers/acquisitions" of vulnerable Indian companies as stock markets plunge during the coronavirus