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The Indian govt. has amended its #FDI policy as a response to fears of foreign (read: Chinese) acquisition/takeover of Indian companies during the current Covid19 crisis. A quick thread. (1/n)
In an interestingly worded amendment to the FDI policy (paragraph 3.1.1), entities belonging to countries that share land borders with India must take the government-approval route to invest in India, regardless of sector. (2/n)pic.twitter.com/mmf4kY9Mxr
While under the extant provision, all entities from Pakistan and Bangladesh were specifically required to take the government-approval route, the amendment now brings under its purview Nepal, Bhutan, Mynamar and most importantly, China. (3/n)
This follows a recent uproar in India regarding the targeting of stressed Indian companies and assets by Chinese investors, with the national media largely ascribing it to Chinese opportunism during the current humanitarian and economic crisis (4/n)
The government's use of 'countries with land borders' terminology instead of directly naming China strikes to me as particularly interesting. Perhaps this is to limit a swift diplomatic blowback? (5/5) @pranjan12781 @niubi @AntheaERoberts
Also important to note that a transfer of ownership of an existing or future investment to an entity from such a country is now subject to approval by the govt. The full press release is here: https://dipp.gov.in/sites/default/files/pn3_2020.pdf …
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