$1020 Million Chinese Funds in Indian Companies
The Chinese have made whopping investments of US $1020.25 million dollars in the last four financial years ending March 2020, Minister of State for Finance Anurag Singh Thakur disclosed in the Rajya Sabha.
India faces a tough, rather an impossible task, of helping Indian companies get rid of the Chinese investments if its relations with China worsen. The Chinese have made whopping investments of US $1020.25 million dollars in the last four financial years ending March 2020, Minister of State for Finance Anurag Singh Thakur disclosed in the Rajya Sabha on Tuesday. He disclosed this in a written answer to newly elected Congress member Phulo Devi Netam from Chhattisgarh, giving the sector-wise Foreign Direct Investment (FDI) equity inflows from China.
There are over 1600 Indian companies having Chinese investments. Thakur also gave details of Indian firms and Chinese investors. The only two private banks having Chinese investments are the ICICI Bank and the Axis Bank.
The highest Chinese investment of US $172 million is in the automobile industry, followed by $151.19 million in book publishing, $144.25 million in electronics and $139.65 million in the service sector, which includes banking, insurance, non-financial business, R&D and courier services.
Other significant Chinese investments include $119.88 million in electrical equipment, $66.11 million in trading, $33.93 million in non-conventional energy, $19.64 million in computer software and hardware, $11.15 in hotel and tourism, $8.73 million in infrastructure construction, $7.99 million in retail trading, $7.67 million in textiles, $6.84 million in information & broadcasting, including print media, $1.36 million in air transport and $1.14 million in the Railway related components.
China, however, does not come anywhere among the top countries in terms of the FDIs in India totalling US $50 billion. Singapore topped in the financial year 2020 with the highest FDI equity flow of over Rs 1,03,600 crore, followed by Mauritius Rs 57,700 crore.