No Chinese company cleared to invest in India Govt sources on Chinese FDI proposals – FDI proposal of any Chinese company has not been given green signal at present: Government sources

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There were reports that some Chinese companies had approved the investment proposal. (Symbolic picture)

New Delhi:

Amid reports of FDI proposals coming from Chinese companies for investment in India, government sources have clarified on Tuesday that the Indian government has not given any green signal to any Chinese company to invest in India or any other proposal. The flag is not visible.

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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.

Also read: 120-130 FDI proposals of 12,000 crore from China for investment in India since April: Report

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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.

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