Foreign investment has poured into India due to policies pursued and executed
by successive governments and free trade. The government's liberalization policy
results in a smooth integration with the global economy and swift and
significant growth in the country's economy. International investment in India
refers to investments made in India by foreign enterprises; the outflow of
foreign investment from India is also widespread in the Indian economy.
investment in India has had numerous sound effects on the country, including
creating jobs and improving the country's fundamental infrastructure. India
offers enormous opportunities for foreign investment. There may be certain risks
for investors, but India offers an excellent chance for international players to
The majority of them have already made investments in India, while
others consider doing so. India is the world's fifth-largest economy and one of
the few economies globally, with a strong potential for growth and profit in all
areas. The significant skilled workforce is one aspect that provides a good
return on foreign investors' capital. To be successful, foreign investors must
analyze and calculate the potential and limitations that the Indian markets
The Indian government has made several efforts to encourage international
investment. The Foreign Exchange Management Act of 1999 governs most foreign
investments in India. The Reserve Bank of India published the Foreign Exchange
Management Regulations 2000 and the Foreign Exchange Management (Transfer or
Issue of Security by a Person Resident Outside India) Regulations 2017 under FEMA to govern foreign investments.
Furthermore, the Department of Promotion of
Industry and Internal Trade established a framework that integrated the sectoral
rules and conditions that foreign investors operating in Indian firms must meet.
The FEMA and notifications and circulars issued from time to time by the Central
Government and RBI relative to foreign investments are the primary laws that
control and regulate acquisitions and foreign investment in India. This article
will deal with the government legislation, which deals with foreign direct
investment in detail.
Developing countries have much to gain from capital mobility: the ability to
tap external sources of finance, greater financial efficiency from deeper
stock and bond markets, and technology transfer and know-how from foreign direct
investment. - Zanny Minton Beddoes
When we talk about foreign direct investment, it's important to remember that
it's a product of the economy's globalization. Assuming that a person, a
transnational corporation, or a multinational corporation is traveling to
another country for charity is dumb. They want to increase the value of the
money that brought them to our shores. A wealthy individual or someone with
significant financial power would never choose to live in an area, a country, or
a system where his money does not expand exponentially.
The world's wealthier
nations believed that globalization would be impossible to achieve if they went
through the United Nations' framework. As a result, they embraced a system that
was not within their control. The WTO framework as a whole is not under the
control of the United Nations. The WTO would not have existed if it had been
under the jurisdiction of the United Nations. As a result, the entire history of
globalization, as well as its manifestations, must be understood in this
framework. Judges and attorneys must comprehend that globalization does not
merely result in the economic development of the developed world's regime.
the question is how far we can go as a developing society. As I previously
stated, foreign investment has been coming in for the past 50 years, but not in
the volume that it is now. What matters to a developing country, though, is the
type of FDI it seeks. Despite four rounds of international discussions,
beginning in Angtak in 1995 and ending in Cancun in 1998, the very concept of
foreign direct investment remains a mystery.
What exactly is meant by foreign
Foreign Direct Investment (FDI) is an investment in
infrastructure, production, distribution, and consumer goods, as well as a
portfolio or stock market investment. We in the developed world believe that
foreign investment should be made for a longer length of time and infrastructure
development should be prioritized so that the efforts of such foreign direct
investment can result in economic progress. It must imply investment in the host
country's economic development.
Why cannot we after 60 years of independence
manufacture our airplanes, instead of spending money on acquiring the same?
we cannot have real infrastructure development in terms of roads, flyovers,
expressways so that goods and services move at a faster rate and accelerate
economic growth and FDI in these sectors is of great relevance and importance to
Around ten years before in India any of our friends going abroad we said to him
to take some foreign products with him like chocolate, perfume, branded cloth,
or new-generation games when you return from abroad. Because this product is not
available in Indian markets, now if you are going to market in metro cities or
even small cities supermarket stores, you got this product quickly. This all
happened due to foreign investment in India.
means an amount is
spent to acquire the assets, with the intent of gaining profit. When foreign
companies invest in the ownership of any Indian company with the intention of
profit is called Foreign direct investment. A type of foreign investment is
foreign direct investment. In our country, the regulation related to foreign
investment is FEMA.
Britishers first brought in 1939, which was replaced by the foreign exchange
regulation act 1947, which was returned just 21 months before the emergency
period in 1973, enforced from 01/01/1974. This act aims to regulate that payment
in which FX is involved because we have a shallow level of the foreign reserve.
By this law, the object of government is to regulate and control the
- FX payment outside India.
- Regulate the currency notes imported or exported outside India.
- Increase the assets outside India
- Purchase or Investment in securities outside India.
Due to FERA 1973, foreign entities reduce their shareholding up to 40%, or if
they want to increase this shareholding, they should take permission from RBI.
Due to this, foreign entities reduced their investment amount in India. Over the
years, the government liberalized its foreign investment policies with the
existing regulation; in 1991, after the liberalization policy introduced by Mr.
Manmohan Singh, it liberalized the rule related to foreign currency control and
reduced the criminal liability into a civil penalty if anyone violates the law.
Under this regulation, a person who resides outside India or an entity
registered outside India can invest in any Indian AMC or portfolio manager
registered in SEBI in India. The FDI policy is governed in India by the
industrial policy and promotion department. In India, some prohibited or
permitted sectors in India. Under this new regime, there were two ways in which
foreign investors invested in India. One is the automatic route, and another is
the government route.
The object of this study is to analyze the regulation of FDI in India. And its
impact on the various sector of the economy. FDI policy is made by the
government every year according to the requirement of the development of the
market. In India, foreign entity invests their money accordingly to the return
To fulfill the objective, data collection has been done from
secondary resources from various articles government policy documents, and
websites of the Indian government of foreign direct investment. Research paper
for literature review taken from sources available within the institute, science
direct, JSTOR, Hein Online, google scholar, etc
Andrew Sumner (2005) in his research article emphasizes the role of
investment by a foreign entity on the economic status of the middle-class income
group in India. In this article author talk about that it is not the question
that FDI is good or bad for social-economic development because FDI induces
growth that is shared, then there is no need to depart from an unmitigated FDI
liberalization and maximization strategy. Due to FDI investment in water
supplies, sanitation, and other utilities like involvement in health and
education infrastructure developed that reduced the poverty and the cycle of
saving, and investment is running smoothly.
Khan Iftekhar Mohammad, Banerji Amit (2014) in this article author explain
the impact of the LPG policy of the government of India in which investment made
by foreign entities made an important role in strengthening the economic
condition of the country. Policies needed for attracting FDI are not opposite
the condition required by the Indian investors. FPI is slightly different from
the FDI in which FDI strengthens the manufacturing sector and service sector too
because of easy entry and exit conditions as well as leveraging labor arbitrage.
The approach of Indian legislation before 1991 is slightly rigid and negatively
affected the efficiency of Indian private companies due to the security of
capital. The low level of domestic infrastructure is due to the poor legislation
policies of the government that changed from the amendment of 1991. FDI allowed
in needed sectors slightly changed the economic condition in India.
Sharma Kumar Chanchal (2017) in this article author explains the politician
affiliation in foreign investment. We all know India has a very dynamic market
structure, enough skilled, unskilled Labour, and technologies devolvement are
changing the condition of the Indian market and creating enough resources for
market players to develop their resources. Since 2000 state in India are making
their high-level committee and sent this committee delegation to many countries
and they conduct investment summits in which they collect efficient investors on
a single platform and try to resolve the issue and legal complications that are
stopping them from investing in India.
Kumar Nagesh  (2005)
in his research article author shares the experiences of
1990 that how investing FDI in India change the development of the software
sector and in global research and development sectors set up in India gaining
- How FDI enters India through its regulatory reforms. And find out the
impact of foreign investment on the Indian market in 1991.
- Find out how Indian government Policies related to FDI are changing the
growth of Indian private companies.
- Role of other legislations in regulating the FDI in India.
Pre LPG Reform Period
- To find the actual causes of reforms in India related to foreign
- Find out the current FDI policy of entering or exiting in India.
- Find out the reasons of permitted or prohibited sectors for allowing
- To find out the current condition of FDI investment, and make a
comparison of different sectors of the economy in terms of investment.
- To find out the pro and cons of FDI investment in India
When Total expenditure is an increase over the revenue then this situation
denotes fiscal deficit. In 1980, this fiscal deficit was over 8% of total GDP.
This situation of the deficit is due to expenditure in various sectors
subsidies, interest payment, salaries, and defense expenditure. This gap is
managed by foreign borrowings. This situation becomes adverse in nineteen
ninety-one, foreign reserve came down at their lower level at that time and the
inflation rate peaked at that time in 1991.
Several steps were taken by the GOI by canceling the licensing of some
industries but again like the previous decisions they all were taken without
planning and consulting like ad hoc measures resulting in shaking the economy
and leading to the highest fiscal deficit at that time.
Reforms in India
In 1991, major reforms in India were to the opening of the economy for foreign
investment. And for this, they remove the local obstacles which are the most
legislative barrier in the way of investment by a foreign entity. In these
reforms, they remove the industrial licensing process, encourage foreign
investment and also remove tax barriers, start the private sector participation
in public sectors, and repeal monopolistic restrictive trade practices and
reduction in tariffs. All the attempts made by the GOI to improve the worldwide
position of India and the growth of the economy in India.
Forms Of Foreign Investment In India.
India is coming under the developing nation's list. We as a nation have an
issue link shortage of capital, poor public health system, poverty,
unemployment, no setup for research and development, lacking technology, and in
the world competition, we have far behind with the developed nations.
FDI is the source and type of hope which plays an important role in savings and
income. FDI brings a lot of money in form of foreign currency and upgrades in
technology and making a source for the government for building infrastructure.
It improves the BOP condition and helps domestic private firms to fight the
competition in the world market.
In India Mainly two routes of foreign investment:
- Foreign Direct investment
- Foreign institutional investment (FII) also known as foreign portfolio
Three principal forms of FDI in India are joint venture, acquisition of assets
in the country, greenfield ventures. Portfolio investment means that when an
individual investor wants to invest in then such investment is called portfolio
Foreign Institutional Investment In India
FII means that any foreign entity and any foreign institutional investor is
registered in India and investment in India. It includes hedge funds, insurance
companies, pension funds, mutual funds, assets management companies among
others. In India, FII is started to invest in the Indian market in September
1992. All these funds in which foreign institutional investors are invested are
registered under the SEBI act. SEBI places limits on these funds, and commonly
invest in the form of Participatory notes (P notes) also known as offshore
Foreign Direct Investment In India: The Policy
In the early's period of reform of LPG policy in India is with determination and
a positive approach. In the same course of reforms act of 1973 FERA is replaced
by FEMA in 19999 with the approach of all activities and sectors in which
investment allowed by the foreign entities under the automatic route, in
automatic route no need of prior approval of GOI and Reserve Bank of India.
In the exiting FDI policy Government of India whether the central government or
state government both provide incentives to foreign entities, for setting up
export-oriented zones and units in special economic zones. The incentive range
covers the relaxation of stamp duty for land allotment and also provides the
option of a refund of vat, electricity duty.
The role of central government is very critical, they have no role to play in
which state investor is going to invest(FDI). Political stability is very much
needed in foreign investment because if political stability is not exited in
India then it affects their policies. The role of the government is that
provide land allocation for manufacturing, rehabilitation, loss of livelihood,
The GOI established the 'Make in India' project in 2014, at the start of Modi's
first term, to promote India as an important investment destination and hub for
manufacturing, design, and innovation. To accelerate the space for investment
and bring foreign capital into India, the government of India has taken several
steps, including opening up various sectors to FDI, amending its FDI-related
policies, providing tax and other incentives, and relaxing regulations and
procedures for foreign-owned companies. FDI in the industrial sector is critical
for India to become a global manufacturing center.
Ways Of Foreign Investment In India
There are two ways of investment (FDI) in India, one is the Automatic route and
another is the Government route.
Under this route, there is no need for any permission from the
government for the investment.
Under this route. Before any investment in any entity by the
foreign entity need to take government approval. And the procedure of obtaining
the approval of the government is as follows:
- A online proposal is submitted before the DPIIT along with supporting
- After receiving the proposal DPIIT send the proposal to the concerned
ministry along with RBI too, to check the fulfill the provision of FEMA
- Once the proposal is complete, the government grant their approval to
such an entity.
FDI Regulation In India:
Compliance under Companies Act, 2013
- Companies Act
- Securities And Exchange Board Of India Act,1992 And Sebi Regulation
- Foreign Trade (Development And Regulation) Act,1992
- Civil Procedure Code, 1908
- Indian Contract Act,1872
- Arbitration And Concilation Act, 1996
- Competition Act 2002
- Income Tax Act,1961
- Foreign Investment Policy ( Current Policy 2020-2021)
Conditions of Private Placement provisions as given in Section 42 of the
Companies Act, 2013 are required to be complied with. Section 42 of the
Companies Act, 2013 also provides a similar time limit. Within 60 days of
receipt of money, shares are required to be allotted.
Within 30 days from the date of allotment of share, Return of Private Placement
is required to be filed with ROC in Form PAS-3. Other Important Conditions under
Companies Act, 2013 BOD to identify such persons (not more than 200 in an FY)
each of who will take not less than INR 25,000 of the face value of shares under
For each such investment, shareholder approval is required to be taken. An
offer letter is required to be issued in Form PAS-4. Money to be kept in a
separate bank account till the time of allotment. If shares are not issued
within 60 days, then the money is required to be refunded within 15 days
otherwise 12% p.a. Interest is payable from the 61st day of allotment.
Compliance Of Sebi Act 1992
Several changes have been made to the SEBI (Foreign Institutional Investors)
Regulations, 1995 to diversify the foreign institutional investor base and
to further facilitate the inflow of foreign portfolio investment. The changes
have also aimed at facilitating investment in debt securities through the FII
The changes are as follows:
The eligible categories of FIIs have been
expanded to include university funds, endowments, foundations, charitable
trusts, and charitable societies which have a track record of 5 years and which
are registered with a statutory authority in their country of incorporation or
Each FII or sub-account of an FII has been permitted to invest up
to 10% of the equity of any one company, subject to the overall limit of 24% on
investments by all FIIs, NRIs, and OCBs. The 24% limit may be raised to 30% in
the case of individual companies who have obtained shareholder approval for the
FIIs have been permitted to invest in unlisted securities. FIIs have been
allowed to invest their proprietary funds. FIIs who obtain specific approval
from SEBI have been permitted to invest 100% of their portfolios in debt
securities. Such investment may be in listed or to be listed corporate debt
securities or in dated government securities and is treated to be part of the
overall limit on external commercial borrowing.
The impact of these changes was
felt as several endowment funds, proprietary funds, and 100% debt funds of FIIs
obtained registration. Further details are given in Part II of this
Report. To simplify the FII registration process, SEBI and RBI set up
a coordination committee. At the end of 1996-97, there were no applications for
FII registration pending with SEBI and RBI. Foreign investment in Indian
securities has also been made possible through the purchase of Global Depository
Receipts, Foreign Currency Convertible Bonds, and Foreign Currency Bonds issued
by Indian issuers which are listed, traded and settled overseas.
investors, whether registered as FII or not, may also invest in Indian
securities outside the FII route. Such investment requires case-by-case approval
from the Foreign Investment Promotion Board (FIPB) and the RBI, or only by the
RBI depending on the size of investment and the industry in which this
investment is to be made.
Foreign financial services institutions have also been
allowed to set up joint ventures in stockbroking, asset management companies,
merchant banking, and other financial services firms along with Indian
partners. Foreign participation in financial services requires the approval of
FIPB. In 1996-97, the FIPB announced guidelines for foreign investment in the
non-banking financial services sector.
Foreign Trade (Development And Regulation) Act,1992
The Foreign Trade (Development and Regulation) Act, 1992 governs and regulates
India's foreign policy. On the 7th of August in the year 1992, this Act was
enacted. The Act was not enacted as a new piece of legislation to regulate
foreign policy, but rather as a substitute for the Import and Exports (Control)
Act of 1947. The Foreign Trade (Development and Regulation) Act, 1992 now
regulates and manages India's whole export and import scenario.
This act has
removed all of the intricacies of the previous act and has given the Indian
government some of the most powerful control tools available. This act is
regarded as the most important piece of legislation governing the country's
foreign trade. The Act was enacted with the primary goal of providing an
appropriate framework for the development and standardization of foreign
commerce by facilitating imports and increasing exports in the country, as well
as any other matters related to it. The Central Government has been given
several authorities under this Act.
According to the act's provisions, the Central Government has complete authority
to enact any laws connected to foreign commerce to achieve the act's goals. This
Act also gives the government the authority to make any provisions related to
the formulation of national import and export policy.
The Act also allows the Central Government to designate a Director-General by
notifying the appointment in the Official Gazette, and for the Director-General
to carry out all foreign trade policies by the rules.
FEMA (nondebt rules,2019) Provision Related To Foreign Investment:
Performance of Indian Firms with FDI
- Entry route - Procedure for government approval
- Sectoral Caps
- Eligible Investor
- Pricing Guideline
- Equity Investment
- Convertible Note
- Requirement of KYC
- Right issue or Bonus Issue of shares
- ESOP - Shares of Indian companies
- Reporting Requirements
Total costs provide a considerable and positive contribution to these
companies' revenues. When a company increases its expenses at a faster rate, it
obtains more sales and income. Firms that invest more money have a better
chance of receiving a larger return over the next 15 years. As businesses grow,
more jobs are outsourced, which is also a healthy sign of growth. Outsourcing
had a beneficial impact on FDI companies' sales.
This might be read as
outsourcing allowing a company to be more flexible in terms of employee
employment. Furthermore, it improves efficiency by lowering the product's
per-unit cost, allowing businesses to raise their profit margins. Not only have
the number of jobs in FDI enterprises increased but so have the earnings paid by
these firms. As a result, workers have benefited from the growing role of FDI in
the corporate sector.
After 2014, outsourcing of work in these FDI firms has had
a favorable relationship with the earnings of these firms' employees. We can say
that outsourcing has helped FDI firms increase productivity and raise employee
wages. Firms' total expenses do not contribute much to the creation of jobs.
Profit after taxes has a beneficial impact on employment creation in these
businesses. This means that when these companies' profits grow, they will be
willing to hire more people and expand their workforce.
While the pseudo panel
data on businesses allows us to estimate a fixed-effect model to account for
time-invariant worker productivity differentials, the aggregate data has limited
options for controlling for differences in worker and job characteristics.
We may conclude that FDI in the construction business in India has had a key
role in increasing sales, profits, wages, and employment. We expect this
relationship to hold in other areas as well; these are questions that need to be
General Condition On FDI
- A non-resident entity can invest in India/ Through a Govt. route (it
should be by the Govt. Policies)
- NRIs resident in Nepal and Bhutan on a repatriation basis.
- A company, trust, and partnership firm incorporated outside India and
owned and controlled by NRIs
- Registered FPIs and NRIs can invest/trade through a registered broker in the
capital of Indian Companies on recognized Indian Stock Exchanges
- A Foreign Venture Capital Investor (FVCI) may make investments
Eligible Investee Entities
Indian Company, Partnership Firm/Proprietary Concern ,Trusts, Limited
Liability Partnerships (LLPs), Investment Vehicle, Start-up Companies, Other
Entities (FDI in resident entities other than those mentioned above is not
Instruments Of Investments
- Indian companies can issue equity shares, fully, compulsorily, and mandatorily convertible debentures and fully, compulsorily and mandatorily
convertible preference shares subject to pricing guidelines/valuation norms
prescribed under FEMA Regulations.
- Indian companies can issue equity shares, fully, compulsorily, and mandatorily convertible debentures and fully, compulsorily, and mandatorily
convertible preference shares subject to pricing guidelines/valuation norms
prescribed under FEMA Regulations.
- Acquisition of Warrants and Partly Paid Shares -An Indian Company may
issue warrants and partly paid shares to a person resident outside India
subject to terms and conditions as stipulated by the Reserve Bank of India
on this behalf, from time to time.
- Issue of Foreign Currency Convertible Bonds (FCCBs) and Depository Receipts
Entry Routes For Investment
- Investments can be made by non-residents in the equity shares/fully,
compulsorily, and mandatorily convertible debentures/fully, compulsorily, and
mandatorily convertible preference shares of an Indian company, through the
Automatic Route or the Government Route.
- FDI under the Government Approval route has to be subject to Govt.
- An Indian company that is not owned and & controlled by a resident
- An Indian company whose ownership and control are transferred to the
- Where a foreign entity converts its debt instrument to foreign
- Investment by NRIs or Company, trust and partnership firms incorporated
outside India, under Schedule IV of Foreign Exchange Management (Non-Debt
Instruments) Rules, 2019
Caps On Investments:
Investments can be made by a person resident outside India
in the capital of a resident entity only to the extent of the percentage of the
total capital as specified in the FDI policy.
Entry Conditions On Investment:
Investments by non-residents can be permitted in
the capital of a resident entity in certain sectors/activities with entry
conditions. Such conditions may include norms for minimum capitalization,
lock-in period, etc.
Other Conditions On Investment Besides Entry Conditions:
Besides the entry
conditions on foreign investment, the investment/investors are required to
comply with all relevant sectoral laws, regulations, rules, security conditions,
and state/local laws/regulations.
Foreign investment into an Indian company engaged only in the activity of
investing in the capital of other Indian companies (i.e.) (regardless of its
ownership or control):
- Investment in NBFC through automatic route.
- Investment in core investment companies through the government approval
- Downstream investment by an eligible Indian entity, which is not owned
and/or controlled by a resident entity (i.e.), into another Indian company, would be in
accordance/compliance with the relevant sectoral conditions on entry route,
conditionality, and caps, about the sectors in which the latter Indian company
Cases That Do Not Require Fresh Approval
- The entities that already have prior government approval.
- In case of Additional foreign investment into the entity where the prior
approval of the Government had been obtained earlier.
- Additional foreign investment up to the cumulative amount of Rs 5000 crore
into the same entity within an approved foreign equity percentage/or into a
Online Filing Of Applications For Government Approval
- Guidelines for e-filing of applications, filing of amendment
applications, and instructions to applicants are available at the Foreign
Investment Facilitation Portal
Sector-Specific Conditions On FDI
- Prohibited Sectors
- Lottery Business including Government/private lottery, online lotteries,
- Gambling and Betting including casinos etc.
- Chit funds, Nidhi Company, Trading in Transferable Development Rights
- Real Estate Business
- Manufacturing of cigars, cheroots, cigarettes
- Activities/sectors not open to private sector investment e.g.(I) Atomic
Energy and (II) Railway operations.
- Foreign technology collaboration in any form including licensing for
franchise, trademark, brand name, management contract is also prohibited for
Lottery Business, Gambling, and Betting activities
Permitted Sectors 
- In the following sectors/activities, FDI up to the limit indicated against
each sector/activity is allowed, subject to applicable laws/regulations;
security, and other conditionalities. In sectors/activities not listed below,
FDI is permitted up to100% on the automatic route, subject to applicable
laws/regulations; security, and other conditionality.
- Sectoral cap i.e. the maximum amount which can be invested by foreign
investors in an entity, unless provided otherwise, is composite and includes all
types of foreign investments, direct and indirect, regardless of whether the
said investments have been made under Schedules I (FDI), II (FPI), III (NRI), VI
(LLPs), VII (FVCI), VIII(Investment Vehicles), and IX (SDRs), respectively, of
Foreign Exchange Management (Non-Debt Instruments) Rules, 2019.
- Those entities where ownership or control transferred from Indian
entities to nonresident entities subject to the government approval.
- The sectors which are already under 100% automatic route and are without conditionalities would not be affected.
- Total foreign investment, direct and indirect, in an entity will not
exceed the sectoral/statutory cap.
It is reasonable to conclude that foreign direct investment is the solution
for any country's economic woes. Various market-oriented measures are being
implemented in an attempt to promote economic activity. Furthermore, the Indian
economy has recently been geared up to compete in the international market,
where foreign investors recognize the possibility for significant returns, as
seen by the foreign direct investment success stories that have already been
achieved. In emerging countries, FDI has become increasingly important.
does this imply in terms of economic development and poverty reduction? Although FDI is certainly good for overall growth, the question of whether it helps raise
per capita incomes and hence reduce income poverty remains unanswered. It's only
a tangential link at best.
The evidence on increasing per capita incomes is mixed, and direct employment is
limited, with skilled (non-poor) employees benefiting the most. Furthermore, if
FDI inflows are generally beneficial to growth but raise income disparity (since
skilled people earn more and are more inclined to work in FDI), it is possible
that all else being equal, FDI inflows put downward pressure on income growth.
Written By:Anuj, Advocate
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