Name: Red carpet for firms looking to ditch China
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Red carpet for firms looking to ditch China

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Search+›››› Red carpet for firms looking to ditch ChinaBy , Last Updated: Apr 23, 2020, 09:36 AM ISTSynopsisNEW DELHI: The Prime Minister’s Office, and the Department for and Internal Trade are firming up a plan to offer incentives to attract looking to shift manufacturing activities out of .The benefits will be on the lines of those given to manufacture of electronic and medical devices. These may include production-linked incentives such as capital expenditure benefits.There is a growing realisation among multinational firms after the that capacities cannot be concentrated at one place. India has set up dedicated groups to directly interact with firms that may want to diversify out of China.“More sectors could be offered sops on the lines of electronics and medical devices… Those are being worked out,” a government official told ET.The official said last year’s corporate tax rate cut and these additional sops would make India — with its large market —as competitive as Vietnam.The already has a list of states that have large land banks and are willing to offer quick approvals for interested companies, the official said.“A number of countries are now keen that their industry diversifies manufacturing… There is going to be a shift,” the official said, adding that India has changed its policies considerably to emerge as an attractive alternative destination.The government has already reached to about 100 multinational companies that have manufacturing units in China and may be keen to move out.Experience Your Economic Times Newspaper, The Digital Way!&nbsp;»(Catch all the , Events and Updates on .)Download to get Daily Market Updates &amp; Live Business News.Subscribe to XContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories &amp; personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &amp; in-depth stock reportsSubscribe NowTo read full story, subscribe to ET Prime₹34 per weekBilled annually at₹2499Already a Member? Super Saver Sale - Flat 30% OffOn ET Prime MembershipAlready a Member? Rs 49 for 1st monthThen Rs. 1,749 per yearValid only with UPI, Credit &amp; Debit Cards Autopay---Subscribe Now(Credit card mandatory)You can cancel your subscription anytime---Subscribe Now(Pay Using Netbanking/UPI/Debit Card)Netbanking, Credit &amp; Debit CardSubscribe with Google₹399MonthlyPLANBilled Amount ₹399No Trial Period₹399₹208(Save 49%)YearlyPLANBilled Amount ₹2,499₹399₹150(Save 63%)2-YearPLANBilled Amount ₹3,599$13.99(Save 40.0%)$33.99Get ET Prime for just ₹2499 ₹1749/yrSpecial OfferGet Flat 20% OffON ET PRIME MEMBERSHIPStories you might be interested inSUBMIT

Search+›››› Red carpet for firms looking to ditch ChinaBy , Last Updated: Apr 23, 2020, 09:36 AM ISTSynopsisNEW DELHI: The Prime Minister’s Office, and the Department for and Internal Trade are firming up a plan to offer incentives to attract looking to shift manufacturing activities out of .The benefits will be on the lines of those given to manufacture of electronic and medical devices. These may include production-linked incentives such as capital expenditure benefits.There is a growing realisation among multinational firms after the that capacities cannot be concentrated at one place....

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Deepshikha Sikarwar

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Red carpet for firms looking to ditch China

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