Such news is coming in the news that the tension between India and China has reduced on the border, which is related to Chinese investment. After the skirmish between the soldiers in Ladakh, India took a strict stance on Chinese investment about a year ago. Due to this, many projects of China got stuck in the balance. Now the news agency Reuters has claimed in the news that the Modi government is now going to approve 45 such proposals for Chinese investment. These include the large investment proposals of Great Wall Motors and SAIC Motor Corp. SAIC is already manufacturing cars under the name of MG Motors in India.
150 investment proposals stuck
According to the report, about 150 investment proposals of $ 2 billion from Chinese companies were stuck in the pipeline due to the border dispute. Many companies from Japan and America were also included in these. Their investment was also banned in a way. The panel of ministers, headed by the Home Minister, had tightened the proposals.
A spokesman for the Ministry of Home Affairs refused to comment on the news of the approval of China’s investment proposals. But two government sources who claimed to have seen this list told Reuters that 45 proposals for manufacturing sectors could be approved quickly. This sector is considered less sensitive in terms of national security. Government sources say that proposals of insensitive sectors will be approved soon. Experts believe that automobiles, electronics, chemicals and textiles are considered as ‘non-sensitive’ category. Data and finance related investments are ‘sensitive’.
Automobile companies want to invest heavily
Last year Great Wall Motors (GWM) and General Motors (GM) made a joint proposal. In this, Chinese company GWM was proposed to sell American company GM’s car plant in India. This deal can be around 250-300 million dollars.
Great Wall plans to invest $ 1 billion in India in the next few years. The company plans to start selling cars in India from this year. The company also wants to work in the electric car segment. Great Wall says that it will try to get the necessary clearances related to investment. A spokesperson for General Motors has also said that we are seeking the necessary clearance for the transaction.
SAIC has been selling its cars here since 2019 under the name of British brand MG Motors. The company had decided to invest about $ 600 million in India. Of this, we have also invested $ 400 million. The company needs government approval to make further investment.