India revises FDI policy- govt nod required by all neighbouring nations to invest in cos

In massive development, Centre on Saturday, amended  Foreign Direct Investment (FDI) policy to ensure hostile takeover of firms facing stress due to ongoing COVID-19 lockdown. Sources report that according to amendment, neighbouring countries - including China, Nepal, Banglesh, Pakistan will require government approval for investing into Indian companies. Centre has also prohibited Pakistan from investing in Indian sectors of defence, , atomic energy and sectors/activities prohibited for foreign investment. Apart from India, EU, US, Australia have checked Chinese FDI amid COVID-19 crisis.

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India amends FDI policy to protect Indian companies

"Government has reviewed FDI policy for curbing opportunistic takeovers or acquisitions of Indian companies due to current COVID-19 pandemic,” res press release issued by Department for Promotion of Industry and Internal Tre (DPIIT). It ds, "A n-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 beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only under Government route.”

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PCOB picks up 1% of HDFC Ltd.

This move occurred after People's Bank of China (PBoC) on April 12, h bought a 1% stake in India's largest housing finance lenders - HDFC Ltd. This investment amounts to  1.75 crore shares in HDFC, which has reportedly been facing a receding trend in its shares since January. Reports state that share purchase is likely to have happened between January and March. HDFC shares closed at Rs 1,701.95 on April 10, as per market reports.

People's Bank of China buys 1% stake in HDFC Ltd, picking up 1.75 crore shares

Coronavirus hits global ecomy

fear of virus has disrupted business supply chains, while number of positive cases has hit 22,63,739 cases and 1,54,829 deaths. Moody’s have estimated that coronavirus has increased risk of a global recession as vanced countries United States, Japan, Germany, Italy, France, Britain, and Korea battle virus, but UN has claimed that India and China may be spared. Analysts have said that as China is largest supplier of raw materials and manufacturing hub for different industries - core industries like automobiles, metal and pharmaceuticals' tre were brought to a standstill due to China closing off its borders, but w is seeing action as China picks up manufacturing. Currently, Indian ecomy is at a standstill, as nation is at a lockdown till May 3.

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