No plans to review curbs on Chinese FDI: Goyal

No plans to review curbs on Chinese investments in India; considering EU's suggestion on Carbon Border Adjustment Mechanism.

There is no plan to review the curbs placed on Chinese investments in India through the FDI route, Commerce and Industry Minister Piyush Goyal stressed, noting suggestions to reconsider the restrictions made by the authors of the Economic Survey are not binding. “Regarding the Chief Economic Adviser’s report, it is always a report that gives out new ideas and reflects their thinking… It is not at all binding on the government. And, there is no thinking or rethinking on supporting Chinese investments in the country,” Mr. Goyal said at a press conference on Tuesday morning. Mr. Goyal also said the government will consider the European Union’s (EU) suggestion that instead of Indian exporters paying the Carbon Border Adjustment Mechanism (CBAM) levies to the EU, India could levy such taxes domestically. “We are in dialogue with the EU… My own thinking is CBAM will hurt the EU very badly — their infrastructure, their cost of living, their consumer products — all will become expensive, and their economy will face further distress. But, they are very keen to pursue it and have offered that India could, instead of paying CBAM taxes to the EU, devise its own mechanism,” he said, adding a decision will be taken based on “whatever is good for the Indian industry and the people of India”.