Ministries are to take the ultimate name on whether or not to approve pending international direct funding (FDI) proposals from land bordering international locations like China, clarified Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra on Tuesday.
An inter-ministerial committee fashioned to scrutinise these proposals doesn’t determine on approvals to those FDI proposals, for which authorities approval was made necessary in April 2020. The committee’s function was to “monitor” these proposals, the problems related to them and the progress on their approvals, in accordance with Mohapatra.
“There are some proposals getting approved…,” stated Mohapatra throughout a media briefing on India’s funding promotion reforms and ease of doing enterprise. “Ultimately, the approval route belongs to the ministries concerned,” he stated. “Because there was a pandemic going on, there was a possibility of distressed companies being acquired at unrealistically low costs,” stated Mohapatra.
The restrictions on investments from land-bordering international locations have been notified by DPIIT on April 18.
