Coronavirus: Rahul Gandhi thanks GoI for amending FDI norms
Congress leader Rahul Gandhi on Saturday thanked the Government of India for taking note of his warning and amending the Foreign Direct Investment (FDI) norms. Rahul Gandhi took to Twitter and wrote: "I thank the Govt. for taking note of my warning and amending the FDI norms to make it mandatory for the government approval in some specific cases."
The Congress leader had written: "The massive economic slowdown has weakened many Indian corporates making them attractive targets for takeovers. The Government must not allow foreign interests to take control of any Indian corporate at this time of national crisis."
https://twitter.com/RahulGandhi/status/1251475702047633408?s=20
The Government of India was quoted by the news agency ANI as saying that "Government of India reviewed the Foreign Direct Investment policy for curbing opportunistic takeovers/acquisitions of Indian companies due to coronavirus. A non-resident entity can invest in India, subject to FDI Policy except in those sectors/activities which are prohibited."
"However, an entity of a country, which shares a land border with India or where the beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only under the Government route," it added.
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Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/activities other than defence, space, atomic energy and sectors/activities prohibited for foreign investment, it concluded.
-PTC News
