India approved less than a quarter of the total 435 foreign direct investment applications from China since April 2020 when the government tweaked the FDI policy to check opportunistic takeover of Indian companies, according to official data seen by Mint.
The policy was changed during the covid-19 pandemic when valuations of companies were at a record low. The same year saw tensions rise between India and China after clashes in Ladakh’s Galwan.
Official data showed that India has given a go-ahead to 97 of the total 435 applications for FDI approval from China since India amended the FDI policy under ‘press note 3’ in April 2020 that made the government’s prior approval mandatory for foreign investments from countries that share a land border with India.
FDI from China makes up only a fraction of total foreign investment, with as many as 157 applications having been rejected by India, and 44 were withdrawn by Chinese investors, official data showed.
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