Global companies looking to shift manufacturing operations to India from China: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Tuesday said that overseas companies are looking to move out of China and set up their operations in India as they believe in the country’s growth story.

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.

Related News

Produce students capable of getting into industry FM Sitharaman to educational institutions

Produce students capable of getting into industry: FM Sitharaman to educational institutions

FM Sitharaman IMF chief Georgieva discuss significance of common crypto regulation

FM Sitharaman, IMF chief Georgieva discuss significance of common crypto regulation

“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 government last year rolled out the PLI scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, textiles, advanced chemistry cell (ACC) and specialty steel.

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.

.

Leave a Reply

Your email address will not be published.

Back to top button
DRAGONINKHOUSE