Global companies looking to shift manufacturing operations to India from China: FM Nirmala Sitharaman
She further said that the government will do everything to create an ecosystem for the industry to invest in India and provide the schemes required. Policies like production-linked incentive (PLI), tax cuts have been provided to support the private industry in India, the minister said.
“No policy can be the end in itself, we will keep updating them,” Sitharaman said at the 15th edition of the Mindmine Summit.
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“Countries abroad think India is the place to be right now. FDIs and FPIs are coming. Retail investors believe in India,” she said.
Talking about India’s „facilitative ecosystem“, the finance minister said that a lot more companies are looking to move their manufacturing operations out of China and want to come to India as they find policies like PLI attractive.
The PLI scheme has been specifically designed to boost domestic manufacturing in sunrise and strategic sectors, curb cheaper imports and reduce import bills, improve cost competitiveness of domestically-manufactured goods, and enhance domestic capacity and exports.
The intention behind coming up with such a scheme was to offer companies incentives on incremental sales from products manufactured in India, over the base year.
Currently, the scheme covers sectors like automobiles and auto components, specialty steel, telecom and networking products, and electronic/technology products.
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