India is not in a hurry to do business with China contrary to reports in the media that India had cleared few Chinese proposals after the disengagement at Pangong Tso.
India has made it clear that it is not considering any proposal to any Chinese company to invest in India, the Hindustan Times reports. India is closely watching China's next steps on Line Of Actual Control (LAC).
In fact India has denied reports that New Delhi could clear 45 Chinese investment proposals. India is not considering any proposal to allow any Chinese company to invest in India, according to the people aware of the matter.
“This report is factually incorrect. The government has not cleared investment from China at any level. There is no such proposal either,” the official said, pointing to a Reuters report that indicated that New Delhi was set to clear 45 investment proposals from China. India will continue to closely watch China’s next steps along the Line of Actual Control and will not rush to lift restrictions on investments from Beijing.
The government has only cleared three foreign investment proposals from Hong Kong. Two of these are investments from Japanese companies, the third is a Non-Resident Indian group, the official said.
India has always maintained that peace and tranquillity at the border is a prerequisite for developing bilateral relations. The two countries have taken early steps to restore normalcy at the Ladakh border but they need to travel some distance between status quo ante is restored.
Over the last 9 months, the two countries amassed thousands of troops and tanks in eyeball to eyeball standoff in Ladakh which had led India to freeze all economic relations with China. India also banned 267 Chinese apps. On top of banning the apps, India has frozen Chinese companies out of contracts including for its 5G mobile phone infrastructure and blocked Chinese goods at ports and customs posts. New Delhi had made strict rules to the flow of investment from countries that share land borders with India and made it mandatory for companies based in these countries to get special approvals to get government contracts.
India has warned that relations risk permanent damage unless China pulls its troops back to positions they held before May.
During this period of standoff, India announced that its going for Atmanibhar Bharat to make India self reliant in core sectors.
India’s stance is clear that the border dispute is firmly linked to all aspects of the relationship including trade.
Last Saturday, the 10th round of talks between the senior military commanders of the both country took place after the completion of the disengagement process between Chinese and Indian militaries in eastern Ladakh's Pangong Tso area. The focus areas of these talks are outstanding problems with PLA at Depsang, Hot Springs and Gogra in eastern Ladakh. These talks will ensure that no side unilaterally alters the status quo along the 3488-km long LAC and the status quo ante is restored on all points.
