India has relaxed restrictions on Chinese investment as its economy comes under pressure from surging energy prices in the wake of the Middle East war.
In a statement late on Tuesday, Prime Minister Narendra Modi’s cabinet gave the green light to investments in capital goods, electronics and solar cell sectors from neighbouring land-bordering nations.
While no direct reference to China was made in the statement, the highly bureaucratic rules, dubbed Press Note 3, come in the wake of deadly border clashes between the militaries of the two giant Asian rivals six years ago. The rules made all investments by “land border-sharing countries” subject to government approval.
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