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India Finalising Plan To Offer Slew Of Incentives For Companies Looking To Move Manufacturing Out Of China
Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.
The Indian government is finalising a plan to offer a slew of incentives to foreign firms which are looking to shift their production out of China amid the global coronavirus pandemic, Economic Times has reported.
As per the report, the Prime Minister’s Office (PMO), Niti Aayog and other governmental agencies are laying out a plan to offer incentives to such companies. This may reportedly include production-linked incentives like capital expenditure sops.
The incentives being planned will be on the lines of those given to firms manufacturing electronic and medical devices. These measures thus seek to make India as attractive as Vietnam for manufacturers.
The government has also set up dedicated groups to directly interact with such firms, looking to diversify their manufacturing facilities. India is already said to have reached out to 100 multi-national companies in this regard.
It was earlier reported that various South Korean companies are considering moving their manufacturing units out of China with India being a likely destination.
The Korean consulate in Chennai has been working with many requests from their companies with established units in China. While, some are still in their preliminary stages, others have reached the advanced stages of discussion.
Some of the companies considering a switch are Posco and Hyundai.
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