The Indian government is preparing to approve 45 investment proposals from China. These include investment proposals from Great Wall Motor and SAIC Motor Corp. Sources related to the government and industry have given this information amid reports of reduced military tension between the two countries.
Last year, India had clamped down on Chinese investment following tensions along the border. These investment proposals were also pending since then. Sources say that about 150 investment proposals worth more than two billion dollars from China are stuck in the pipeline.
The Inter-Ministerial Group, formed under the leadership of the Ministry of Home Affairs to oversee the proposals, had also stopped some investment proposals from Japan and the US via Hong Kong. Sources associated with the government say that the 45 proposals which are ready to be approved and associated with the manufacturing sector are not considered sensitive for national security.
Sources have not given any detailed information about the proposals, but sources in this industry say that includes the investment proposals of Great Wall and SAIC. Great Wall and J General Motors made a joint offer last year to buy a stake in the car plant of an American company in India.