Clear guidelines needed for approving China's FDI plans: NITI Aayog VC
India needs a 'clearer set' of guidelines for approving Foreign Direct Investments (FDI) from China expeditiously as the system of case-by-case review is slow, NITI Aayog vice chairman Suman Bery has said.
Bery further said at the moment India scrutinises FDI proposals from China for security purposes similar to what the United States is doing.
"I think what is needed, on the basis of experience, is a clearer set of guidelines because case-by-case review is slow and we do have an interest in getting investment from China because China is surplus in savings, it has got good technology," he told PTI.
Earlier this week, the pre-budget Economic Survey has also made a strong case for seeking FDI from Beijing to boost local manufacturing and tap the export market.
"But the fact of the matter is that we have diplomatic difficulties with them and so we have to be cautious," the NITI Aayog vice chairman observed.
At present, the bulk of the FDI coming into India falls under the automatic .