FDI to be regulated in Internet tech sector: MEA

Anurag Srivastava.

Anurag Srivastava.  

The Ministry of External Affairs (MEA) on Thursday reiterated that India remains open for Foreign Direct Investment (FDI) but will enforce regulatory system while welcoming inflow of funds into the sector of Internet technologies. The response came two days after India banned 59 Chinese apps in an apparent retaliation against Chinese economic interests as tension continued along the Line of Actual Control (LAC) in eastern Ladakh.

Also read: FDI in India jumps 13% to record $ 49.98 bn in 2019-20

“India has one of the most open regimes in the world for attracting FDI. The world’s largest software and Internet applications companies are present in India. Naturally, while operating in India, they have to abide by our rules and regulations, including those pertaining to data security and privacy of individual data,” said MEA spokesperson Anurag Srivastava.

The official said India would continue to welcome foreign investments in Internet technologies. “But this will have to be in accordance with the rules and regulatory framework established by the government.” The comments indicate the fallout of the LAC tension, with the official saying that both sides had emphasised the need for an “expeditious, phased and step-wise de-escalation as a priority.”

“The two sides will continue their meetings both at the military and diplomatic levels, including under the framework of the WMCC (Working Mechanism for Consultation and Coordination of India-China Border Affairs), in the future to resolve the issues to mutual satisfaction,” said Mr. Srivastava.

Also read: LAC situation, app ban and Italian marines: excerpts from today's External Affairs Ministry briefing

Palestine issue

The MEA spokesperson reiterated India’s traditional support for direct negotiations between Israel and the Palestinians. Earlier, The Hindu had reported the Palestinian opposition to Prime Minister Benjamin Netanyahu’s plans to annex one third of the occupied West Bank and the Jordan Valley.

“We reiterate our view that the final status issues should be resolved through direct negotiations between the two parties. We urge the parties to engage with each other and find an acceptable two-State solution for peaceful coexistence,” said Mr. Srivastava.

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Printable version | Aug 10, 2020 10:17:52 AM |

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