Indian government has reportedly received 120-130 FDI proposals worth ₹12,000 crore from China since April
As per that decision, FDI proposals from China need government approval for investments in India in any sector.
An inter-ministerial committee has been formed by the government to scrutinise these proposals, they said adding most of the investments are for brownfield projects (means in existing Indian companies).
The decision was taken to curb opportunistic takeovers or acquisitions of domestic firms due to the current COVID-19 pandemic.
"We have received 120-130 FDI proposals from China, worth about Rs 12,000 crore - Rs 13,000 crore," they added.
Further sources said that certain Chinese companies have applied for registration for bidding in government contracts and those proposals have been sent to the home ministry.
There are no restrictions on Chinese firms for bidding in projects funded by multilateral institutions, they said.
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