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13. The following provide the liberalizing amendments concerning Sri Lanka, Bangladesh, and Pakistan, respectively: RBI/2004-05/176 A.P. (DIR Series) Circular No. 11, September 13, 2004; RBI/2007-2008/215 A.P. (DIR Series) Circular No. 22, December 2007; and DIPP (FC-I Section) Press Note No. 3 (2012 series), d/o IPP File No. 5/10/2011-FC.I, dated August 1, 2012. 14. Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000. Notification No. FEMA 20 /2000-RB, dated May 3, 2000; “5(1). A person resident outside India (other than a citizen of Bangladesh or Pakistan or Sri Lanka) or an entity outside India, whether incorporated or not (other than an entity in Bangladesh or Pakistan) may purchase shares or convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1” (https://m.rbi.org.in/scripts/FAQView.aspx?Id=26). 15. Foreign Exchange Management Regulations, 2000, (i) “Acquisition and transfer of immovable property in India,” Notification No. FEMA 21/2000-RB; (ii) “Establishment in India of branch or office or other place of business,” Notification No. FEMA 22 /2000-RB, both dated May 3, 2000. 16. See the consolidated FDI policy circular of October 2020 for more details: https://dipp .gov.in/sites/default/files/FDI-PolicyCircular-2020-29October2020_0.pdf. The land border restriction was somewhat broader than the more specific restrictions that existed before April 2020, which mostly excluded Bangladesh and Pakistan. According to the government circular of April 2020 (Press Note no. 3, 2020 Series), this was done to address concerns of “opportunistic takeovers and acquisitions of Indian companies due to the COVID-19 pandemic” (https://dipp.gov.in/sites/default/files/pn3_2020.pdf ). 17. Summing up the number of investors by each type of investment overestimates the number of investors because one investor may be involved in more than one type of investment. For example, a firm may invest in both goods production and services operations. 18. For example, two factories built by Maldivian firm X in Nepal would be counted as a single incidence of production investment in Nepal. 19. See Kathuria and Mathur (2020) for details on the isolation of NER, how recent investments and agreements are improving its connectivity, and a take on development priorities for the region. 20. Terminology used in the Indian apparel retail sector to refer to dresses, skirts, blouses, shirts, and pants.
References Aizenman, Joshua, Y. Jinjaarak, and H. Zheng. 2017. “Chinese Outwards Mercantilism: The Art and Practice of Bundling.” NBER Working Paper 21089, National Bureau of Economic Research, Cambridge, MA. Alcaraz, Jorge, and Johanan Zamilpa. 2017. “Latin American Governments in the Promotion of Outward FDI.” Transnational Corporations 24 (2): 91–108. Almunia, Miguel, Pol Antràs, David Lopez-Rodriguez, and Eduardo Morales. 2018. “Venting Out: Exports during a Domestic Slump.” NBER Working Paper 25372, National Bureau of Economic Research, Cambridge, MA.
