FM Nirmala Sitharaman discusses economy, 'We've to take care of our businesses'
Finance Minister Nirmala Sitharaman said that the investors with more cash in such a situation have an opportunity to buy companies at cheap valuations.
New Delhi: The fourth phase of lockdown is about to end on Sunday. There are chances of extension of Complete lockdown in India. PM Modi will address the nation through 'Mann Ki Baat' and discuss the situation of nation in Lockdown.
The complete lockdown has been a setback to industries worldwide due to reduced demand. Finance Minister Nirmala Sitharaman said that the investors with more cash in such a situation have an opportunity to buy companies at cheap valuations.
No border business without Govt's approval:
The central government tightened FDI rules last month but except in some cases like defense, telecom, media, pharmaceuticals and insurance, FDI, foreign investment was not required to get government approval. Now the government has made a rule that investment in India from countries sharing borders will not happen without the approval of the government, irrespective of the sector.
Finance Minister Nirmala Sitharaman said that the government will ensure that Indian companies cannot be acquired at 'one-quarter' price. The Finance Minister's statement came when people were worried about the aggressive takeover of Indian companies. The Finance Minister said that this is the reality but we will ensure that the companies that Indians have built up with their blood and sweat, which have a brand value, do not buy people who are just waiting for the opportunity.