India announced on Wednesday that it had approved USD1.79 billion in foreign investment from neighbouring countries, in its first declaration since tightening controls following tensions with China in 2020.

To avoid "opportunistic" takeovers, India announced in April 2020 that foreign direct investment from nations with whom it shares a land border would require prior government clearance, a move aimed mostly at China.

India did not mention any firms or countries in its statement, which shares land borders with China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar, and Afghanistan. Since April 2020, the government has received 347 bids totaling about USD10 billion from neighbouring states, according to the administration.

In parliament, it was announced that 66 proposals spanning the automotive, pharmaceutical, financial, and electronic industries had been approved, while 193 proposals had been rejected, closed, or withdrawn. Following border tensions between the two Asian nations in 2020, India took a number of moves to target Chinese investments, including tightening surveillance of investments and imports and prohibiting various mobile apps.

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