No plans to review curbs on Chinese FDI: Goyal
- There is no plan to review the curbs placed on Chinese investments in India via FDI, the Commerce and Industry Minister stressed, noting suggestions to reconsider the restrictions made by the authors of the Economic Survey are not binding.
Highlights:
- “Regarding the Chief Economic Adviser’s report, it is always a report that gives new ideas and reflects their thinking… It is not at all binding on the government.
- And, there is no thinking or rethinking on supporting Chinese investments in the country,”
EU on CBAM
- He also said the government would consider the European Union’s (EU) suggestion that instead of Indian exporters paying the Carbon Border Adjustment Mechanism (CBAM) levy to the EU, India could levy the tax domestically.
- CBAM will hurt the EU very badly, their infrastructure, cost of living, consumer products - all will become expensive, and their economy will face further distress.
- “But, they are very keen to pursue it and offered India could, instead of paying CBAM taxes to the EU, devise its own mechanism,”. Adding a decision will be taken based on “whatever is good for the Indian industry and the people of India.”
Prelims Takeaway:
- CBAM
- FDI