| 印度有关外国直接投资的规定 |
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| 2003-03-14 18:37 |
GUIDELINES FOR INDIAN DIRECT INVESTMENT IN JOINT VENTURES AND WHOLLY OWNED SUBSIDIARIES ABROAD
INTRODUCTION
1.1 Guidelines for Indian direct investment in Joint Ventures and Wholly Owned Subsidiaries abroad reflect the need for transparency, recognition of global developments, capturing of Indian realities and learning of lessons from the past experience.
1.1.1 Firstly, there is a need for a transparent policy framework to enable Indian businessmen to plan their business and to be able to react to potential collaborators outside the country. Such transparency is also required to enable the financial institutions and banks to assess their support through professional judgement in the context of financial sector reforms. Further, the non-resident Indian community which is expecting to play a strong role in globalising the Indian economy, is seeking a transparent policy.
1.1.2 Secondly, there is a need for a formal recognition of the changing global reality. These include: close relationship between flow of investment and trade; increasing role of medium sized units; success in the domestic economy as a precursor to success in the international arena; the importance of continuously updating the technology through cross investments; more dynamic relation between market seeking and resource seeking investments; tendency for skill and service intensity rather than material intensity in the international flows; the importance of going behind the tariff walls erected by the emerging regional blocks; the trend towards multi-country ownership of enterprises; and finally the emerging significance of ethnic links in international investment and trade. It is also necessary to recognise that there can be a massive outflow of foreign investment by companies if not monitored carefully.
1.1.3 Thirdly, the Indian realities relate to the new economic policies. These include: strengthening globalisation of Indian economy by allowing the Indian entrepreneurship to go global; being a capital importing country, the need to avoid large capital outflows; visualising the global economic relationship well beyond physical exports; ensuring that Indian industry and business attain strategic positions in certain areas or regional blocks; increasing attention to Joint Ventures Abroad in third countries while finalising bilateral trade and economic relationships and the need for a more dynamic approach towards access to world technology through all means including overseas investment.
1.1.4 Fourthly, the lessons of experience have to be captured and a clear signal given about the new policy framework. The lessons of past experience include the low return on investment; large incidence of mortality after approval; low return on investment in the form of dividends; limited coverage and capital intensity of overseas investment, perhaps because they were linked with physical exports; inadequate coverage of trading and the service sector till recently; difficulties in obtaining clear |
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