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With eye on China, govt drops FDI from neighbours from automatic approval list
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MUMBAI: Spooked by Chinese companies including the country's central bank and its sovereign funds shopping in Indian stock markets, the government has dropped foreign direct investment (FDI) coming from its neighbours from the automatic approval list.
Such investments will now need prior government approval. Tweaking rules governing FDI in Indian companies, a release by Department of Promotion of Industry and Internal Trade (DPIIT) said this was being done to prevent hostile takeovers of Indian companies whose market values have taken a severe hit due to covid-19 related uncertainties. "An entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any
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