A Pakistani based firm had approached the Indian government with a FDI proposal to carry out wholesale trading of imported finished carpets from Dubai and other countries in Indian market. The company proposes to invest over Rs 55 lakhs for the business.
According to sources, the foreign direct investment (FDI) proposal of the Pakistan based company was among one of the 31 FDI proposals considered in the FIPB meeting on December 16 last year and a decision regarding this was deferred in the absence of the security clearance by the Home Ministry.
Pakistan based Maham Nayyar and Sahar Nayyer are looking for government approval to start business of selling carpet into Indian market.
However, according to the FDI norms, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the government route, in sectors/activities other than defence, space and atomic energy and sectors/activities prohibited for foreign investment.
While India allows FDI in most of the sectors through automatic route, FIPB in the Finance Ministry is required in certain sectors like pharmaceutical and defence, considered sensitive for the economy. In August 2012, India had allowed investment from Pakistan.
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