Companies looking to shift operations to India: FM
By MYBRANDBOOK
Union Finance Minister Nirmala Sitharaman said that overseas companies are looking to move out from China and set up their operations in India. Policies like production-linked incentive (PLI), tax cuts have been provided to support the private industry in India.
Sitharaman said, “No policy can be the end in itself, we will keep updating them. Countries abroad think India is the place to be right now. FDIs and FPIs are coming. Retail investors believe in India.” 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.
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 was rolled out last year by the government 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 speciality steel.
The scheme is inclined to offer companies incentives on incremental sales from products manufactured in India, over the base year. The PLI scheme has been specifically designed to boost domestic manufacturing in sunrise and strategic sectors, prevent cheaper imports and reduce import bills, improve cost competitiveness of domestically-manufactured goods, and enhance domestic capacity and exports.
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