March 27 (Reuters) – The Indian authorities has obtained about 54 overseas direct funding proposals from China since final yr which might be pending for approval, mentioned Finance Minister Nirmala Sitharaman.

“54 FDI proposals received during the past year and current year with investor/ beneficial owner from China/Hong Kong are pending for decision with government as on March 21, 2023,” Sitharaman knowledgeable lawmakers on Monday.

The Indian authorities shouldn’t be contemplating easing restrictions put in place a couple of years in the past on overseas investments from nations that share land border with India, Sitharaman mentioned.

In 2020, India sought to restrict investments from China as political tensions heightened between the 2 nations with its troopers clashing on the disputed Himalayan area.

The restrictions known as for useful house owners of a rustic sharing a land border with India to hunt its authorities’s approval for investments.

The step was taken to stop hostile takeovers of Indian corporations when the nation was severely impacted by the COVID-19 pandemic.

Reporting by Nikunj Ohri; Editing by Shinjini Ganguli

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