Foreign companies to Rs. Consider providing incentives of 68 1.68 trillion

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Mumbai, Ta. 11 September 2020, Friday

To attract foreign companies to set up manufacturing units in India, the government is looking at providing incentives of Rs 1.5 trillion. The government is looking at providing manufacturing-related incentives to foreign auto companies, solar panel manufacturers and consumer appliance companies ranging from specialty steel, sources said.

The government also intends to provide incentives to textile units, pharmaceuticals companies and food processing units.

The government is trying to seize the opportunity that arose when global investors were looking for an alternative to China. Sources also claimed that as many as 12 foreign companies have pledged ના 1.50 billion in investment to set up mobile phone manufacturing units in the country.

Given that the country's economic growth slowed to 3.50 per cent in the June quarter, the government is trying to attract investment to boost the economy. Not only is India the lowest corporate tax rate in Asia, but the insolvency rules have been changed to make it easier to do business.

However, a recent survey found that the first choice for those seeking to move out of China was not India but countries like Vietnam, Cambodia and Myanmar. The incentive scheme by the Government of India is likely to have a positive impact on sectors such as solar and electronics.


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