1,600 Indian firms get Chinese funding
FDI worth $1b flowed during 2016-’20 from China, government says in parliament
More than 1,600 Indian companies have received foreign direct investments worth $1 billion (Dh3.67 billion) from China during the April 2016 to March 2020 period, according to government data.
The data was provided in a written reply to the Rajya Sabha yesterday to a question on whether it is a fact that large scale investments have been made by Chinese agencies in Indian companies, especially the start-ups.
Over 1,600 companies received $1,020.25 million Foreign
Direct Investment (FDI) equity inflows from China for the April 2016 to March 2020 period, as per the data.
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 $100 million FDI each from China during the said period.
The automobile industry received the maximum FDI from China at $172 million. The services sector attracted such funds worth $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.