No change in policy on Chinese FDI after disengagement

Agencies
February 23, 2021

How Will India's Revised FDI Policy Impact Future Chinese Investment?

New Delhi, Feb 23: There is no change in the foreign direct investment (FDI) policy from China post disengagement and easing of tension between the two Asian giants.

The Commerce Ministry sources discarded recent media reports, which suggested that with easing of tensions at the border, India has given approval to various Chinese FDI's and many are in pipeline.

Government sources told media that there is no change or easing in FDIs from China as of now and nor it is planned in near future. All investments from China have to follow the procedures and government clearance route, nod will only be given to those investments that bear no implications on Indian security interests. Any Chinese company that potentially impinges on India's security will not be cleared.

Ever since the Galwan clash at the eastern border, India has tightened screws on Chinese investment inflows coming into India and has also banned several Chinese apps. Beijing says these actions are against the ethos and rules of the World Trade Organization (WTO).

However, the government sources say that three proposals, which are recently cleared are based in Hong Kong and one is a Japanese origin company; they are all security cleared.

Sources said clearance of investments had no linkage with disengagement as projected by some media reports. These proposals came up during the meeting on January 22 and were cleared by Ministry of Commerce and Industry on February 5.

Defence Minister Rajnath Singh announced disengagement plan on February 11 in the Upper House of the Parliament.

According to Commerce Ministry sources, one company that has got the go-ahead is Nippon Paint Holdings Co. Ltd, Japan (Nippon Japan). Nippon Japan is listed on the Tokyo stock exchange.

Another FDI proposal, which is cleared is of Citizen Watches (India) Private Limited (Citizen Watches (HK) Ltd, Hong Kong (Citizen Watches Hong Kong) which is 100 per cent held by Citizen Watches Company Limited, Japan (a company listed on the Tokyo Stock Exchange).

FDI proposal of Netplay Sports Private Limited is also recently cleared, according to commerce ministry sources, Netplay India is involved in sports, amusement and recreation activities. The investee company has set up a chain of sports facilities/centers for, inter alia, badminton, basketball, football. Four more sports centres are proposed to be opened with the investment funds.

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News Network
September 22,2022

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New Delhi, Sept 22: After meeting RSS chief Mohan Bhagwat on Thursday, Imam Umer Ahmed Ilyasi, the chief of All India Imam Organisation said that Mohan Bhagwat is 'Rashtra Pita (father of the nation) and a 'Rashtra Rishi' (sage of the nation).

Talking to IANS after the meeting, Ilyasi said: "Mohan Bhagwat visiting us is a privilege. Bhagwat came to Imam House for a meeting and he is our Rashtra Pita and Rashtra Rishi. The unity and integrity of the country should be maintained. We may all worship in a different way, but before that we all are human. We live in India and are Indians."

"India is on the verge of becoming Vishwa Guru and we all should strive for it," he said.

When asked if he referred to Bhagwat as 'Rashtra Pita', Ilyasi said, " Absolutely, he is 'Rashtra Pita' (father of the nation)."

Umar Ilyasi's brother Suhaib Ilyasi said, "Our father had an old relationship with the Sangh. Mohan Bhagwat had come to the mosque on the death anniversary of Jameel Ilyasi. It was a family programme and it should be seen in that context only."

Bhagwat had held discussions with Muslim intellectuals for strengthening communal harmony, Suhaib Ilyasi said.

The RSS Chief met Imam Umer Ahmed Ilyasi at his office in a mosque at Kasturba Gandhi (KG) marg in the national capital.

Providing details about the meeting, RSS prachar pramukh said, "RSS chief meets people from various sections of the society. It is a part of continuous conversation (Samvad) process."

Bhagwat, who has been trying to reach out to Muslims, in August too had met Ilyasi. Recently, Bhagwat had held discussions with Muslim intellectuals for strengthening communal harmony.

In the August 22 meet, Bhagwat had met former Chief Election Commissioner S Y Quraishi, former Delhi Lieutenant Governor Najeeb Jung, former Aligarh Musilm University vice chancellor L-G (retd) Zameer Uddin Shah, former MP Shahid Siddiqui and Industrialist and social worker Saeed Sherwani. 

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News Network
September 16,2022

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Samarkand, Sept 16: Prime Minister Narendra Modi on Friday attended the annual summit of the Shanghai Cooperation Organisation in the historic Uzbek city here along with Russian President Vladimir Putin, Chinese President Xi Jinping and leaders of the other member states of the influential grouping.

It is for the first time that Xi and Modi came face-to-face since the border standoff between India and China escalated following the deadly clash in Galwan Valley in June 2020.

The summit is also being attended by Pakistan Prime Minister Shehbaz Sharif, Iranian President Ebrahim Raisi and leaders of several central Asian countries.

Ahead of the deliberations at the restricted format of the summit, leaders of the permanent members of the grouping posed for a group photo.

At the venue of the summit, Modi was warmly greeted by Uzbek President Shavkat Mirziyoyev.

After the summit, Prime Minister Modi is set to have separate bilateral meetings with Russian President Putin, Uzbek President Mirziyoyev and Iranian President Raisi.

Modi arrived here on Thursday night on an around 24-hour visit.

Hours before departing for Samarkand, Modi said he was looking forward to exchanging views at the summit on topical regional and international issues as well as on reform and expansion of the grouping.

"At the SCO Summit, I look forward to exchanging views on topical, regional and international issues, the expansion of SCO and further deepening of multifaceted and mutually beneficial cooperation within the Organisation," Modi said.

"Under the Uzbek chairship, a number of decisions for mutual cooperation are likely to be adopted in areas of trade, economy, culture and tourism," he said.

The SCO is holding its first in-person summit in Samarkand in Uzbekistan after two years since the outbreak of the COVID-19 pandemic which prevented such high-level gatherings.

The summit in Samarkand will have two sessions - one restricted session which is only meant for the SCO member states and then there will be an extended session that is likely to see the participation of the observers and the special invitees of the chair country.

Launched in Shanghai in June 2001, the SCO has eight full members, including its six founding members, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India and Pakistan joined as full members in 2017.

Over the years, it has emerged as one of the largest trans-regional international organisations.

Iran is likely to be given the status of a permanent member of the SCO at the Samarkand summit.

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News Network
September 14,2022

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Panjim, Sept 14: Eight Congress MLAs in Goa joined the BJP on Wednesday, according to reliable reports.

"We have joined BJP to strengthen the hands of PM Modi and CM Pramod Sawant... 'Congress chhodo, BJP ko jodo'," said former Congress MLA Michael Lobo. 

Those who joined the BJP include Digambar Kamat, Michael Lobo, Delilah Lobo, Rajesh Phaldesai, Kedar Naik, Sankalp Amonkar, Aleixo Sequeira and Rudolf Fernandes. 

In the 40-member Goa Assembly, the Congress had 11 legislators and the BJP has 20. With the recent development, Congress's strength in Goa Assembly has now been reduced to 3. 

This year's election in the coastal state was a tight contest between the BJP and Congress. The saffron party contested on all 40 seats while the Congress was in alliance with the Goa Forward Party (GFP).

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