Since April 18, 2020, the Indian government has received 347 foreign direct investment (FDI) bids worth Rs 75,951 crore from nations sharing a land border with India. In a written reply to the Lok Sabha, Minister of State for Commerce and Industry Som Parkash said that out of 347 proposals, the government has approved 66, while 193 have been rejected, closed, or withdrawn.
“Since April 18, 2020, the government has received 347 FDI proposals from countries that share a land border with India or where the beneficial owner of an investment in India is located in or is a citizen of one of these countries….The planned investments in the aforementioned projects received by the government are estimated to be around Rs 75,951 crore “he stated
Following the COVID-19 pandemic, the government made prior approval essential for foreign investments from countries that share a land border with India in April 2020, in order to prevent opportunistic takeovers of Indian enterprises.
China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan all share a land border with India. According to that judgement, FDI bids from these nations must be approved by the Indian government before they can invest in India in any field.
Automobile, chemicals, computer software and hardware, pharma, education, electronics, food processing, information and broadcasting, machine tools, petroleum and natural gas, power, and services are among the 66 approved projects.
The total value of these 66 proposals’ investments was Rs 13,624.88 crore.
In a separate response, Parkash stated that the decision to build a platform for data interchange among all kinds of operators has been made.
As a result, the National Industrial Corridor Development Corporation Ltd (NICDC) has built the Unified Logistics Interface Platform (ULIP) with the help of NITI Aayog.
“Through 78 application programming interfaces (APIs), the platform has been integrated with 24 systems from six ministries, including the Ministry of Ports, Shipping and Waterways, Ministry of Railways, Ministry of Road Transport and Highways, Ministry of Civil Aviation, Directorate General Foreign Trade, and Central Board of Indirect Taxes (CBIC),” he added.
National Highways Logistics Management Ltd (NHLML), a wholly-owned subsidiary of NHAI, has already invited bids for the establishment of multimodal logistics parks (MMLP) in Nagpur, Chennai, and Bangalore, and has begun a feasibility study for an MMLP in Indore.