New Delhi: In a rare move, a Pakistani firm has approached the Indian government to carry out wholesale trading of carpets that are imported into the market here.
Pakistan-based ‘Maham Nayyar and Sahar Nayyer’ has sought approval of the Foreign Investment Promotion Board to do wholesale trading of imported finished carpets from Dubai and other countries in India.
Sources said that the foreign direct investment (FDI) proposal of the company was considered in the FIPB meeting on December 16 last year and a decision regarding this was deferred in the absence of the security clearance by the Home Ministry.
The company proposes to invest over Rs 55 lakhs for the business, they said.
As per the FDI norms, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the government route, in sectors/activities other than defence, space and atomic energy and sectors/activities prohibited for foreign investment.
In August 2012, India allowed investment from Pakistan.
Although India had granted the MFN status to Pakistan way back in 1996 but Islamabad is yet to reciprocate.
PTI
