NEW DELHI: A day after China’s outburst over the change in foreign direct investment policy, India on Tuesday hit back at its neighbour, saying the amendment did not violate any global commitment as it did not bar investments from across the border but only mandated prior screening of proposals.
Besides, sources pointed to a host of Chinese policies to argue that Beijing had a chequered record in following “discriminatory” policies against overseas entities.
Last week, the government amended the FDI policy to mandate that all investment proposals from countries that shared a border with India would have to be cleared by the government instead of them being on the automatic route, a tool that allowed entities to simply inform the Reserve Bank of India after getting the funds int
