New Delhi: More than 1,600 Indian companies have received foreign direct investments worth USD 1 billion from China during the April 2016 to March 2020 period, according to government data. Also Read – China’s Attempts to Unilaterally Alter Status Quo a Violation of Past Agreements: Rajnath Singh Tells Parliament
The data was provided in a written reply to the Rajya Sabha on Tuesday to a question on whether it is a fact that large scale investments have been made by Chinese agencies in Indian companies, specially the start-ups. Also Read – Monsoon Session LIVE: ‘Rajnath Singh’s Statement Proof That PM Modi Misled Country Over China Border Row,’ Says Rahul Gandhi
Over 1,600 companies received USD 1,020.25 million (USD 1.02 billion) Foreign Direct Investment (FDI) equity inflows from China for the April 2016 to March 2020 period, as per the data. Also Read – Row Over Question Hour, Ladakh Standoff to Rhea-Drug Case: All That Happened on Day 1 of Monsoon Session
These companies were in 46 sectors. Out of them, the automobile industry, printing of books (including litho printing industry), electronics, services and electrical equipment received more than USD 100 million FDI each from China during the said period.
The automobile industry received the maximum FDI from China at USD 172 million. The services sector attracted such funds worth USD 139.65 million, the data showed.
In the written reply, Minister of State for Corporate Affairs Anurag Singh Thakur said the corporate affairs ministry does not maintain information regarding the investment made by Chinese agencies.
He said the Ministry of Commerce & Industry has informed that FDI Data Cell compiles and maintains the data of FDI reported through equity inflow in the country.
The relevant data for the April 2016 to March 2020 period was provided along with the written reply.
Indian and Chinese troops are engaged in a standoff along the Line of Actual Control (LAC) in eastern Ladakh.