This section briefly presents the recent trends in global capital flows particularly to emerging economies including India. During the period subsequent to dotcom burst, there has been an unprecedented rise in the cross-border flows and this exuberance was sustained until the occurrence of global financial crisis in the year Between and , global FDI flows grew nearly four -fold and flows to EMEs during this period, grew by about three-fold.
There was a decline in the number of green field investment cases as well, particularly those related to business and financial services. This was apparently due to the revised investment strategy of SWFs - who have been moving away from banking and financial sector towards primary and manufacturing sector, which are less vulnerable to financial market developments as well as focusing more on Asia.
Improved macroeconomic conditions, particularly in the emerging economies, which boosted corporate profits coupled with better stock market valuations and rising business confidence augured well for global FDI prospects. The share of developing countries, which now constitutes over 50 per cent in total FDI inflows, may increase further on the back of strong growth prospects. However, currency volatility, sovereign debt problems and potential protectionist policies may pose some risks to this positive outlook.
FDI flows into select countries are given in Table 1. The significant increase in FDI inflows to India reflected the impact of liberalisation of the economy since the early s as well as gradual opening up of the capital account. As part of the capital account liberalisation, FDI was gradually allowed in almost all sectors, except a few on grounds of strategic importance, subject to compliance of sector specific rules and regulations.
The large and stable FDI flows also increasingly financed the current account deficit over the period. During the recent global crisis, when there was a significant deceleration in global FDI flows during , the decline in FDI flows to India was relatively moderate reflecting robust equity flows on the back of strong rebound in domestic growth ahead of global recovery and steady reinvested earnings with a share of almost 25 per cent reflecting better profitability of foreign companies in India.
From a sectoral perspective, FDI in India mainly flowed into services sector with an average share of 41 per cent in the past five years followed by manufacturing around 23 per cent and mainly routed through Mauritius with an average share of 43 per cent in the past five years followed by Singapore around 11 per cent. Manufacturing, which has been the largest recipient of FDI in India, has also witnessed some moderation Table 2.
Policy regime is one of the key factors driving investment flows to a country. Apart from underlying macro fundamentals, ability of a nation to attract foreign investment essentially depends upon its policy regime - whether it promotes or restrains the foreign investment flows.
The regulatory framework was consolidated through the enactment of Foreign Exchange Regulation Act FERA , wherein foreign equity holding in a joint venture was allowed only up to 40 per cent. Subsequently, various exemptions were extended to foreign companies engaged in export oriented businesses and high technology and high priority areas including allowing equity holdings of over 40 per cent.
Moreover, drawing from successes of other country experiences in Asia, Government not only established special economic zones SEZs but also designed liberal policy and provided incentives for promoting FDI in these zones with a view to promote exports.
As India continued to be highly protective, these measures did not add substantially to export competitiveness. Recognising these limitations, partial liberalisation in the trade and investment policy was introduced in the s with the objective of enhancing export competitiveness, modernisation and marketing of exports through Trans-national Corporations TNCs. The announcements of Industrial Policy and and Technology Policy provided for a liberal attitude towards foreign investments in terms of changes in policy directions.
The policy was characterised by de-licensing of some of the industrial rules and promotion of Indian manufacturing exports as well as emphasising on modernisation of industries through liberalised imports of capital goods and technology. This was supported by trade liberalisation measures in the form of tariff reduction and shifting of large number of items from import licensing to Open General Licensing OGL.
A major shift occurred when India embarked upon economic liberalisation and reforms program in aiming to raise its growth potential and integrating with the world economy. Industrial policy reforms gradually removed restrictions on investment projects and business expansion on the one hand and allowed increased access to foreign technology and funding on the other.
This along with the sequential financial sector reforms paved way for greater capital account liberalisation in India. Investment proposals falling under the automatic route and matters related to FEMA are dealt with by RBI, while the Government handles investment through approval route and issues that relate to FDI policy per se through its three institutions, viz. FDI under the automatic route does not require any prior approval either by the Government or the Reserve Bank.
The investors are only required to notify the concerned regional office of the RBI within 30 days of receipt of inward remittances and file the required documents with that office within 30 days of issuance of shares to foreign investors. Under the approval route, the proposals are considered in a time-bound and transparent manner by the FIPB.
Current FDI policy in terms of sector specific limits has been summarised in Table 3 below:. Agriculture 1. Industry 1. Manufacturing 1. Services 1. Civilaviation Greenfield projects and Existing projects. NBFCs : underwriting, portfolio management services, investment advisory services, financial consultancy, stock broking, asset management, venture capital, custodian, factoring, leasing and finance, housing finance, forex broking, etc.
Broadcasting a. FM Radio b. Cable network; c. Direct to home; d. Hardware facilities such as up-linking, HUB. Up-linking a news and current affairs TV Channel. Print Media a. Publishing of newspaper and periodicals dealing with news and current affairs b.
Telecommunications a. Retail Trading except single brand product retailing ; 2. Atomic Energy; 3. Gambling and Betting including casinos etc. Business of chit fund; 6. Nidhi Company; 7. Agriculture excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Piscicultureand cultivation of vegetables, mushrooms etc.
Real estate business, or construction of farm houses; Manufacturing of Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco or of tobacco substitutes. Foreign direct investment is treated as an important mechanism for channelizing transfer of capital and technology and thus perceived to be a potent factor in promoting economic growth in the host countries. Moreover, multinational corporations consider FDI as an important means to reorganise their production activities across borders in accordance with their corporate strategies and the competitive advantage of host countries.
These considerations have been the key motivating elements in the evolution and attitude of EMEs towards investment flows from abroad in the past few decades particularly since the eighties. It has gradually opened up its economy for foreign businesses and has attracted large amount of direct foreign investment.
Government policies were characterised by setting new regulations to permit joint ventures using foreign capital and setting up Special Economic Zones SEZs and Open Cities. The concept of SEZs was extended to fourteen more coastal cities in Favorable regulations and provisions were used to encourage FDI inflow, especially export-oriented joint ventures and joint ventures using advanced technologies in Foreign joint ventures were provided with preferential tax treatment, the freedom to import inputs such as materials and equipment, the right to retain and swap foreign exchange with each other, and simpler licensing procedures in Additional tax benefits were offered to export-oriented joint ventures and those employing advanced technology.
Priority was given to FDI in the agriculture, energy, transportation, telecommunications, basic raw materials, and high-technology industries, and FDI projects which could take advantage of the rich natural resources and relatively low labour costs in the central and northwest regions.
These changes in policy priorities inevitably affected the pattern of FDI inflows in China. In Chile, policy framework for foreign investment, embodied in the constitution and in the Foreign Investment Statute, is quite stable and transparent and has been the most important factor in facilitating foreign direct investment. Under this framework, an investor signs a legal contract with the state for the implementation of an individual project and in return receives a number of specific guarantees and rights.
Foreign investors in Chile can own up to per cent of a Chilean based company, and there is no time limit on property rights. They also have access to all productive activities and sectors of the economy, except for a few restrictions in areas that include coastal trade, air transport and the mass media. Chile attracted investment in mining, services, electricity, gas and water industries and manufacturing.
Investors are guaranteed the right to repatriate capital one year after its entry and to remit profits at any time. The Malaysian FDI regime is tightly regulated in that all foreign manufacturing activity must be licensed regardless of the nature of their business. Until , foreign equity share limits were made conditional on performance and conditions set forth by the industrial policy of the time. In the past, the size of foreign equity share allowed for investment in the manufacturing sector hinged on the share of the products exported in order to support the country's export-oriented industrial policy.
FDI projects that export at least 80 per cent of production or production involving advanced technology are promoted by the state and no equity conditions are imposed. Following the crisis in , the restriction was abolished as the country was in need of FDI. The Korean government maintained distinctive foreign investment policies giving preference to loans over direct investment to supplement its low level of domestic savings during the early stage of industrialisation. The Korean Government had emphasised the need to enhance absorptive capacity as well as the indigenisation of foreign technology through reverse engineering at the outset of industrialisation while restricting both FDI and foreign licensing.
This facilitated Korean firms to assimilate imported technology, which eventually led to emergence of global brands like Samsung, Hyundai, and LG. The Korean government pursued liberalised FDI policy regime in the aftermath of the Asian financial crisis in to fulfil the conditionality of the International Monetary Fund IMF in exchange for standby credit.
Several new institutions came into being in Korea immediately after the crisis. One of the central reasons for the delays in the construction process in Korea is said to be the lengthy environmental and cultural due diligence on proposed industrial park sites. OECD, Thailand followed a traditional import-substitution strategy, imposing tariffs on imports, particularly on finished products in the s. The role of state enterprises was greatly reduced from the s and investment in infrastructure was raised.
Attention was given to nurturing the institutional system necessary for industrial development. Major policy shift towards export promotion took place by early s due to balance of payments problems since most of components, raw materials, and machinery to support the production process, had to be imported. On the FDI front, in a new Investment Promotion Law was passed which provided the Board of Investment BOI with more power to provide incentives to priority areas and remove obstacles faced by private investors Table 4.
After the East Asian financial crisis, the Thai government has taken a very favourable approach towards FDI with a number of initiatives to develop the industrial base and exports and progressive liberalisation of laws and regulations constraining foreign ownership in specified economic activities. The Alien Business Law, which was enacted in and restricted majority foreign ownership in certain activities, was amended in The new law relaxed limits on foreign participation in several professions such as law, accounting, advertising and most types of construction, which have been moved from a completely prohibited list to the less restrictive list of businesses.
To sum up, the spectacular performance of China in attracting large amount of FDI could be attributed to its proactive FDI policy comprising setting up of SEZs particularly exports catering to the international market, focus on infrastructure and comparative advantage owing to the low labour costs.
A comparison of the FDI policies pursued by select emerging economies, set out above, suggests that policies although broadly common in terms of objective, regulatory framework and focus on technological upgradation and export promotion, the use of incentive structure and restrictions on certain sectors, has varied across countries. While China and Korea extend explicit tax incentives to foreign investors, other countries focus on stability and transparency of tax laws.
Similarly, while all the countries promote investment in manufacturing and services sector, China stands out with its relaxation for agriculture sector as well. It is, however, apparent that though policies across countries vary in specifics, there is a common element of incentivisation of foreign investment Table 4. Transformation of traditional agriculture, promotion of industrialization, infrastructure and export promotion.
Foreign joint ventures were provided with preferential tax treatment. Additional tax benefits to export-oriented joint ventures and those employing advanced technology. Privileged access was provided to supplies of water, electricity and transportation paying the same price as state-owned enterprises and to interest-free RMB loans.
Agriculture, energy, transportation, telecommunications, basic raw materials, and high-technology industries. Technology transfer, export promotion and greater domestic competition. Invariability of tax regime intended to provide a stable tax horizon. All productive activities and sectors of the economy, except for a few restrictions in areas that include coastal trade, air transport and the mass media.
Promotion of absorptive capacity and indigenisation of foreign technology through reverse engineering at the outset of industrialisation while restricting both FDI and foreign licensing. Businesses located in Foreign Investment Zone enjoy full exemption of corporate income tax for five years from the year in which the initial profit is made and 50 percent reduction for the subsequent two years. High-tech foreign investments in the Free Economic Zones are eligible for the full exemption three years and 50 percent for the following two years.
Loan-based borrowing to an FDI-based development strategy till lates. Malaysian Industrial Development Authority was recognised to be one of the effective agencies in the Asian region. No specific tax incentives. Image building to demonstrate how the host country is an appropriate location for FDI. Investment generation by targeting investors through various activities.
Servicing investors. A true comparison of the policies could be attempted if the varied policies across countries could be reduced to a common comparable index or a measure. The survey has considered four indicators, viz. Investing across Borders indicator measures the degree to which domestic laws allow foreign companies to establish or acquire local firms.
Starting foreign business indicator record the time, procedures, and regulations involved in establishing a local subsidiary of a foreign company. Accessing industrial land indicator evaluates legal options for foreign companies seeking to lease or buy land in a host economy, the availability of information about land plots, and the steps involved in leasing land.
Arbitrating commercial disputes indicator assesses the strength of legal frameworks for alternative dispute resolution, rules for arbitration, and the extent to which the judiciary supports and facilitates arbitration.
A comparative analysis among the select countries reveals that countries such as Argentina, Brazil, Chile and the Russian Federation have sectoral caps higher than those of India implying that their FDI policy is more liberal. Mini ng, oil and gas. Constr uction, touris m and retail. Health care and waste manag ement. In , starting a foreign business took around 46 days with 16 procedures in India as compared with 99 days with 18 procedures in China and days with 17 procedures in Brazil Table 5 B.
In terms of another key indicator, viz. While the ranking in terms of indices based on lease rights and ownership rights is quite high, the time to lease private and public land is one of the highest among select countries at 90 days and days, respectively. In China, it takes 59 days to lease private land and days to lease public land. This also has important bearing on the investment decisions by foreign companies. Although, the strength of laws index is fairly good, the extent of judicial assistance index is moderate.
Pro ced ures nu mber. Time to lease priv ate land day s. Time to leas e publ ic land day s. Since time taken to set up a project adds to the cost and affect competitiveness, an otherwise fairly liberal policy regime may turn out to be less competitive or economically unviable owing to procedural delays.
Thus, latter may affect the cross border flow of investible funds. But an assessment of precise impact of these qualitative parameters on the flow of FDI is an empirical question. The following section makes an attempt to quantify the impact of various factors that govern the flow of FDI in India.
As stated above, global FDI flows moderated significantly since the eruption of global financial crisis in , albeit with an uneven pattern across regions and countries. Though initially developing countries showed some resilience, crisis eventually spread through the trade, financial and confidence channels and FDI flows declined in both the advanced and developing economies during FDI flows to India also moderated during but unlike trends in other EMEs, flows continued to be sluggish during despite strong domestic growth ahead of global recovery.
This raised concerns for policy makers in India against the backdrop of expansion in the current account deficit. Note: Figures in brackets relate to percentage variation over the corresponding period of the previous year. In contrast, FDI inflows to India declined by 32 per cent, year-on-year, during This moderation in FDI inflows warrants a deeper examination of the causal factors from a cross-country perspective.
However, inflation in India was generally higher remaining at double digits for a long period than other select EMEs except Argentina. Thus, without any significant deterioration in Indian macroeconomic performance compared to the select EMEs during , the moderation in FDI inflows to India points towards the probable role of institutional factors that might have discouraged FDI inflows.
The uncertainty created by the actions taken by policy makers might have led to unfriendly business environment in India. In this context, some of the statements and observations made in various reports are detailed below:. The review of theoretical and select empirical literature reveals that FDI flows are driven by both pull and push factors. While pull factors that reflect the macroeconomic parameters could be influenced by the policies followed by the host country, push factors essentially represent global economic situation and remain beyond the control of economies receiving these flows Box I.
The research on this subject has so far been largely devoted to factors determining the FDI and policy formulations in response to those factors. Until s, FDI was modelled as a part of neoclassical capital theory and the basic motive behind the movement of this capital into a host country was search for higher rate of returns.
Over the period, with growing realisation the motives for capital movement have been far more diverse than mere search for higher returns, there has been a plethora of theoretical and empirical research directed towards identifying factors determining different types of capital flows. It was the insight of Hymer who by differentiating direct investment from portfolio investment created basis for studies on factors determining the FDI flows. Hymer highlighted certain facts and evidences 2 on the basis of which he concluded that the nature of the direct and portfolio investment differs and therefore same theories cannot be applied to both types of investment.
The key feature that Hymer identified for motivation of FDI was the level of control which a firm of home country gets through direct investment in host country. He also stressed upon market imperfections such as the ownership of knowledge not known to rivals, existence of differentiated products giving profit advantage to a firm investing abroad, problems related to licensing the product, etc.
However, the literature argues that his theory over-emphasised the role of structural market failure and ignored the transaction cost side of market failure Dunning and Rugman, Moreover, his theory did not explain the locational and dynamic aspect of FDI. By differentiating horizontal and vertical FDI, he identified factors such as possession of superior knowledge or information, motives to avoid uncertainty in a market characterized by a few suppliers and objective of creating entry barriers, etc.
With the rising presence of multinational enterprises in the global economy, the view on FDI was expanded with the internationalisation theories of FDI that stressed on transaction costs Dunning and Rugman, ; Horaguchi nad Toyne, The internationalisation theory of FDI identified accumulation and internalisation of knowledge as the motivation for FDI, which bypasses intermediate product markets in knowledge Tolentino, The theorists such as Horst , who stressed upon locational determinants of FDI, identified prevalence of natural resources as an important factor for FDI inflow.
The offer on rights basis to the persons resident outside India shall be:. Answer: No, renunciation of rights shares shall be done in accordance with the instructions contained in Para 6. Answer: Yes, subject to conditions laid down in para 7. Answer: The following persons can acquire capital instruments on the stock exchanges:. Other than a and b above, a person resident outside India, can acquire capital instruments on stock exchange, subject to the condition that the investor has already acquired and continues to hold the control of such company in accordance with SEBI Substantial Acquisition of Shares and Takeover Regulations and subject to conditions specified in Annex I of the Master Direction — Foreign Investment in India.
Answer: The capital instrument has to be issued by the Indian company within sixty days from the date of receipt of the consideration. Answer: In case of transfer of shares between a resident buyer and a non-resident seller or vice-versa, not more than twenty five per cent of the total consideration can be paid by the buyer on a deferred basis, within a period not exceeding eighteen months from the date of the transfer agreement.
The amount deferred can also be either in the form of an indemnity or an Escrow. In all cases, the pricing guidelines should be complied with. In case of transfer of capital instruments between a person resident in India and a person resident outside India on deferred payment basis, at which stage the form FC-TRS is required to be filed? Answer: Downstream investment is investment made by an Indian entity which has total foreign investment in it or an Investment Vehicle in the capital instruments or the capital, as the case may be, of another Indian entity.
Answer: Downstream investment made in accordance with the guidelines in existence prior to February 13, would not require any modification to conform to these regulations. Downstream investments made between February 13, and June 21, which were not in conformity with these regulations should have been intimated to the Reserve Bank by October 3, , for treating such cases as compliant with these regulations.
Answer: Yes. The onus of reporting is on the resident transferor or transferee or the person resident outside India holding capital instruments on a non-repatriable basis, as the case may be. The foreign currency account and SNRR account shall be used only and exclusively for transactions under the relevant Schedule.
Answer: Investment Vehicle is an entity registered and regulated under relevant regulations framed by SEBI or any other authority designated for the purpose. Answer: Investment made by an Investment Vehicle into an Indian company or an LLP will be indirect foreign investment for the investee company or the LLP, as the case may be, if either the Sponsor or the Manager or the Investment Manager i is not owned and not controlled by resident Indian citizens or ii is owned or controlled by persons resident outside India.
Answer: An Alternative Investment Fund Category III with foreign investment can make portfolio investment in only those securities or instruments in which an FPI is allowed to invest under the Act, rules or regulations made thereunder. The payment of LSF is an additional option for regularising reporting delays without undergoing the compounding procedure. Answer: The payment of LSF is an additional facility for regularising reporting delays without undergoing the compounding procedure.
However, this does not mean that the applicant cannot apply for compounding. Both options are available to the applicant for the transactions undertaken on or after November 7, Skip to main content. Search the Website Search.
Home FAQ. Frequently Asked Questions Foreign Investment in India Updated as on May 07, These FAQs attempt to put in place the common queries that users have on the subject in an easy to understand language. Government Route: Foreign investment in activities not covered under the automatic route requires prior approval of the Government. The offer on rights basis to the persons resident outside India shall be: in case of shares of a company listed on a recognized stock exchange in India, at a price, as determined by the company; and in case of shares of a company not listed on a recognized stock exchange in India, at a price, which is not less than the price at which the offer on right basis is made to resident shareholders.
Answer: The following persons can acquire capital instruments on the stock exchanges: FPIs registered with SEBI NRIs Other than a and b above, a person resident outside India, can acquire capital instruments on stock exchange, subject to the condition that the investor has already acquired and continues to hold the control of such company in accordance with SEBI Substantial Acquisition of Shares and Takeover Regulations and subject to conditions specified in Annex I of the Master Direction — Foreign Investment in India.
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