India has amended the Foreign Direct Investments(FDI) rules which states that all the neighboring countries of India will now have to seek the permission of the Indian government for takeovers and acquisitions.
This change in the FDI policy came days after the Central bank of China bought a 1.01% stake in the HDFC bank in the first quarter of the 2020 financial year.
Now the Dragon country China has found fault with the changes made by India in its FDI policy and asked India to revise the changes made to the FDI policy and even termed the changes as "discriminatory"
"We hope India would revise relevant discriminatory practices, treat investments from different countries equally, and foster an open, fair and equitable business environment," Chinese embassy spokesperson Ji Rong said.
The additional barriers set by India for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Ji Rang added.
This change in the FDI policy came days after the Central bank of China bought a 1.01% stake in the HDFC bank in the first quarter of the 2020 financial year.
Now the Dragon country China has found fault with the changes made by India in its FDI policy and asked India to revise the changes made to the FDI policy and even termed the changes as "discriminatory"
"We hope India would revise relevant discriminatory practices, treat investments from different countries equally, and foster an open, fair and equitable business environment," Chinese embassy spokesperson Ji Rong said.
The additional barriers set by India for investors from specific countries violate WTO's principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment," Ji Rang added.