Congress jumps in to take credit for Modi govt blocking FDI from China via automatic route

A day after the Central government made its prior approval mandatory for foreign investments from countries that share a land border with India, the Congress party claimed that it was 'glad' the government had finally woken up and had acted. Reacting to the Centre's move, Congress party claimed that its former president Rahul Gandhi had first warned the government against the misuse of FDI during a crisis. Further, the Congress party alleged that the threat of Chinese investments through FDI had been looming around for quite some time and said that it was glad the government had finally acted.

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Congress takes credit for China checkmate

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Rahul Gandhi 'thanks' the govt

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Policy amended for curbing "opportunistic takeovers"

According to a press note issued by the Department for promotion of Industry and Internal Trade (DPIIT), "An entity of a country, which shares a land border with India or where the beneficial owner of investment into India is situated in or is a citizen of any such country, can invest only under the government route." 

It said that the government has amended the FDI (foreign direct investment) policy to curb "opportunistic takeovers/acquisitions" of Indian companies on account of COVID-19 pandemic.

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