No China, Foreign companies looking for India..!?

Sowmiya Sriram
No china, Foreign companies looking for India..!?

Amidst China's challenging situation, many corporate companies have started to slowly reduce their presence in China. After the arrival of Corona, many controversies have erupted amid many factors such as China's zero covid policy, China's strict restrictions, and security. As an alternative to its existence, it has started invading many countries like india and Vietnam. Especially to take advantage of India's huge market, they are showing interest to start their operations in India. Meanwhile, Union Finance minister Nirmala Sitharaman said many foreign companies are showing interest in continuing their operations in India. They believe india will grow rapidly.
Also, the government of india is taking various measures to encourage production and increase investments. In particular, the central government has announced some schemes including the PLI scheme. Through this, companies coming to invest are given many benefits including tax concessions.
The central government is working on considering the development of India. Due to this, foreign investments are increasing as well as domestic ones. Many companies especially in china are showing interest in coming to India. They want to do their manufacturing in India. Especially schemes like PLI of the government have attracted them a lot. This PLI scheme of the government, 2 lakh crore worth of incentive schemes for 14 major sectors to improve the economic production of the country was announced last year. It includes many sectors like automobile, auto spare parts, oat goods, textile sector, chemical, etc.
The PLI scheme was brought in specifically to promote domestic production in the country. Through this, the government plans to reduce imports and increase exports. This will also reduce the import cost. Costs can also be kept under control. It will also lead to india becoming a top exporting country internationally. Through this, the companies will also get incentives to increase their production and this will be a motivation for the development of the country. It also leads to selling products at lower prices.
Currently, this PLI project has expanded into automobile and auto spare parts, telecom, steel, networking products, electricity, industrial products, and many other sectors.
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