Tuesday, January 26, 2021

Govt plans to attract global manufacturers like Tesla to India

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Tesla breaks all records, delivers 95,200 cars in Q2New Delhi, Nov 20 (IANS) The Centre plans to attract global manufacturing giants such as Tesla and over 300 others like it by simplifying and incentivising their entry into India.

The proposal which is still under final phase of planning and streamlining is meant to spur investment growth in India, especially in the area of manufacturing to create jobs, sources told IANS.

Both the central and state governments have discussed the plan with other stakeholders.

The plan was conceived at a meeting called by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry and Invest India with stakeholders and state governments here in the early part of November.

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Sources confirmed that incentives like provisioning of land for setting up of manufacturing units, flexible employment rules and lower tax rate were discussed as part of the plan.

As per the plan, the government will approach these companies informing them about the benefits and incentives of setting up manufacturing units here in different states.

The outreach will provide information about the various industrial promotion schemes run by different state governments.

“The idea is to spur industrial job creating investment,” a source said.

Sources said these steps are intended to give a push to Make in India and manufacturing of hi-tech products like electric vehicles, ion-lithium batteries and electronic hardware among others.

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In the recent past, India was not able to capitalise on the geo-political tensions between the US and China.

Besides, the country’s improved global ranking in the ‘Ease of Doing Business’ index of the World Bank to 63rd position was also widely mentioned to be an attractive point for these companies.

In October, the annual index report — Doing Business 2020 — released by the World Bank showed India as being among the top 10 improvers, stating that “Given the size of India’s economy, these reform efforts are particularly commendable”.

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Last year, India jumped 23 places to the 77th position on the back of reforms related to insolvency, taxation and other areas.

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