MAT has damaged investor confidence
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
Scanty rainfall, last year's lockdown, growing competition from Nepal and the disaster of the 2017 Gorkhaland agitation are steadily weakening exports and sales of Darjeeling tea.
FIPB had taken up these three proposals in its meeting in August, but the decision on them was kept in abeyance.
Investor lobbies and tax lawyers estimate the bill for international funds and banks could be as high as $8 billion
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
The tea industry, hit by rising costs, falling prices and political unrest in the North Bengal plantations, is especially vulnerable to the COVID-19 lockdown.
At least 200 investors have to furnish financial statements
The world-famous Darjeeling tea is losing its flavour even as it struggles with falling production, says Avishek Rakshit.
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