India to retain investment curbs on border nations

23/10/2024 12:48

        India will retain curbs on investment from nations with which it shares a land border, the finance minister said days after the South Asian country struck a pact with China on patrolling their disputed Himalayan frontier.
        
        The deal paves the way to end a four-year military stand-off and improve political and business ties between the Asian giants strained since a deadly border clash in 2020 that slowed exchanges of capital, technology and talent.
        
        Finance Minister Nirmala Sitharaman told a gathering at the Wharton business school in the United States on Tuesday, "I cannot blindly receive foreign direct investment (FDI) because I want money for investment, forgetful or unmindful of where it is coming from."
        
        The dispute led to stagnation in ties between the world's two most populous countries at a time of exploding demand for electric vehicles, semiconductors and artificial intelligence, key growth areas offering opportunities for co-operation.