No FDI proposal of any Chinese company has been given green signal at present: Government sources
There were reports that some proposals, including Great Wall and SAIC, have been approved, which the sources have denied. Government sources have said that in a meeting held on January 22, three companies of Bus Hong Kong have been given the green signal.
New Delhi:
On the news of Chinese companies coming to FDI proposals for investment in India, government sources on Tuesday clarified that the Government of India has not given any green signal to any Chinese company to invest in India or any other proposal. The flag is not visible.
Sources have told that in a meeting held on January 22, 2021, three proposals of companies of Hong Kong Bus have been approved. Notification was issued on 5 February 2021 for these proposals. The offers from Citizen watches, Nippon paints and Netplay India were approved. Two of them are Japanese companies and one is from an NRI.
Sources emphasized that the central government has kept a very strict FDI policy. It has been revised and according to the amendment, every investment proposal coming from all the countries sharing its border with India will be assessed for safety. These countries will have to go through India’s security standards, only then they will get permission for this. The security aspect of investment proposals is looked after by the Union Home Ministry.
There were reports that some proposals, including Great Wall and SAIC, have been approved, which the sources have denied. He said that whatever proposals are in the pipeline, they will have to go through strict security standards. It will be seen whether the Chinese government interferes with them or not. What are the complexities in terms of security, etc. Only then they will be allowed to proceed.
