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FDI Regulation In India

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.

Foreign 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 invest.

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 bring.

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.

Now 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 direct investment?
Foreign Direct Investment [1](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?
Why 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 our country

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.

Investment 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 following activities:
  1. FX payment outside India.
  2. Regulate the currency notes imported or exported outside India.
  3. Increase the assets outside India
  4. 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.

Research Methodology
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 of amount.

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

Literature Review
Andrew Sumner (2005) [2]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)[3] 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) [4]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 [5] (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 these advantages.

Research Questions
  1. How FDI enters India through its regulatory reforms. And find out the impact of foreign investment on the Indian market in 1991.
  2. Find out how Indian government Policies related to FDI are changing the growth of Indian private companies.
  3. Role of other legislations in regulating the FDI in India.

Research Object
  • To find the actual causes of reforms in India related to foreign exchange
  • Find out the current FDI policy of entering or exiting in India.
  • Find out the reasons of permitted or prohibited sectors for allowing foreign investment.
  • 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

Pre LPG Reform Period
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.[6] 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 Investment.

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 investment.

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 derivatives funds.

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.[7]

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, and environment.

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[8]. 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[9].

Automatic Route:

Under this route, there is no need for any permission from the government for the investment.

Government Route:

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 documents.
  • 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:
  • Companies Act
  • Securities And Exchange Board Of India Act,1992 And Sebi Regulation
  • Foreign Trade (Development And Regulation) Act,1992
  • Fema
  • 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)

Compliance under Companies Act, 2013
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. [10]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 Section 42.

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[11] 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 route.

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 establishment.

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 same.

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.

Foreign 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[12]. 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:
  1. Entry route - Procedure for government approval
  2. Sectoral Caps
  3. Eligible Investor
  4. Pricing Guideline
  5. Equity Investment
  6. Convertible Note
  7. Requirement of KYC
  8. Right issue or Bonus Issue of shares
  9. ESOP - Shares of Indian companies
  10. Reporting Requirements

Performance of Indian Firms with FDI
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.[13] 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.[14]

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 investigated further.

General Condition On FDI

Eligible Investors

  • 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 permitted.

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 (SDRs)

Entry Routes For Investment[15]

  • 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. approval where;
  • An Indian company that is not owned and & controlled by a resident entity.
  • An Indian company whose ownership and control are transferred to the non-resident entity.
  • Where a foreign entity converts its debt instrument to foreign investment.
  • 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 route.
  • 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 is operating.

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 wholly-owned subsidiary

Online Filing Of Applications For Government Approval[16]

  • 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, etc.
  • 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 [17]

  • 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.

What 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.

  1. Kaur jasmine ( India's Foreign Direct Investment Inflows: A Policy Assessment, 2019)
  2. Sumner Andrew (Is Foreign Direct Investment Good for the Poor? A Review and Stocktake, Jun. 2005, Vol. 15, No. 3/4 (Jun. 2005), pp. 269-285) Taylor & Francis, Ltd. on behalf of Oxfam GB
  3. Khan Iftekhar Mohammad, Banerji Amit (A Study Of Drivers, Impact, And Pattern Of Foreign Direct Investment In India, The Journal of Developing Areas, Fall 2014, Vol. 48, No. 4 (Fall 2014), pp. 327- 348)
  4. Sharma Kumar Chanchal (Federalism and Foreign Direct Investment How Political Affiliation Determines the Spatial Distribution of FDI � Evidence from India, German Institute of Global and Area Studies (GIGA) (2017)
  5. Kumar Nagesh(Liberalisation, Foreign Direct Investment Flows, and Development: Indian Experience in the 1990s, Economic and Political Weekly, Apr. 2-8, 2005, Vol. 40, No. 14 (Apr. 2-8, 2005), pp. 1459-1469)
  6. Ganesh. S (Who Is Afraid of Foreign Firms? Current Trends in FDI in India Author Economic and Political Weekly, May 31 - Jun. 6, 1997, Vol. 32, No. 22 (May 31 - Jun. 6, 1997), pp. 1265-1274
  7. George S. K. & Sandeep Babu, A Guide to Foreign Direct Investment in India, 7 CT.UNCAUGHT 19 (2020).
  8. Paul Naccachian, India's Path to Economic Growth: Does Industry Level Trade Policies Effect Variation in Economic Growth Pattern, 25 J. L. Bus. & Ethics 51 (2019)
  9. George S. K. & Sandeep Babu, A Guide to Foreign Direct Investment in India, 7 CT.UNCOURT 19 (2020)
  13. Negi Vipin , Bhattrai Keshab ( FDI And Economic Performance Of Firms In India, 2020)
  14. Morris Sebastian (Prospects for FDI and Multinational Activity in the 90s, Economic and Political Weekly, May 7, 1994, Vol. 29, No. 19 (May 7, 1994), pp. 1141-1146)
Written By:Anuj, Advocate, LLM , KIIT School of Law

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