In Modi’s Budget, a plan to challenge China’s manufacturing clout

Economy


India government plans to invite global companies to set up mega manufacturing sites, a move that gains significance as the US trade war with China is leading companies to rethink their manufacturing dependence on that country.

Finance Minister Nirmala Sitharaman said the government was preparing itself for mega investments in the sunrise and advanced technology areas.

“The government will launch a scheme to invite global companies through a transparent competitive bidding to set up mega-manufacturing plants in sunrise and advanced technology areas such as Semi-conductor Fabrication (FAB), Solar Photo Voltaic cells, Lithium storage batteries, Solar electric charging infrastructure, Computer Servers, Laptops, etc,” Sitharaman said.

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She added that the government would provide tax exemptions under the Income Tax Act and other indirect tax benefits.

Global manufacturers have struggled to rethink supply lines as the acrimonious trade dispute between the US, where most are based, and China has made their dependence on the Asian country a source of concern.



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