India is working on a specific strategy to attract companies leaving China. Under this strategy, these companies will be provided twice as much land as European country Luxembourg. Bloomberg has given this information in one of its reports.
For this, about five lac hectares of land is identified across the country. This land is included in various states of the country like Gujarat, Tamil Nadu, Maharashtra and Andhra Pradesh etc.
According to sources, the government led by Prime Minister Narendra Modi has started the work of identifying the land by coordinating with the states. In fact, due to the Corona crisis, companies in Japan, America, and many European countries are looking for an alternative destination for manufacturing rather than China. In such a situation, India is trying to attract these companies. The US State Department also said in a recent meeting that India can be a better option than China.
Interaction with State Governments:
Prime Minister Narendra Modi's government is interacting with the state governments of the country. In fact, most multinational companies are considering leaving China due to the Corona virus epidemic. India wants to take advantage of this opportunity by taking these multinational companies leaving China.
Facilities will help in bringing investment:
The Indian government will have to provide electricity, water, roads and security along with land, so that it can be easy to attract these foreign companies and the Indian economy can get a new height. As we know that due to the ongoing lockdown in the country, the country's economy has been badly affected.
Generally, land acquisition has been the most important issue for any company coming to India. In such a situation, before the establishment of these companies, the government has decided to work on the process of selection and acquisition of land. As we know, Saudi Arabia's big oil company Aramco and South Korea's steel company Posco faced this problem.
Where the focus will be:
It is believed that a list of such companies is being prepared for the sectors which can strengthen the country's economy. Also, a meeting of experts was called to prepare the infrastructure for this. In the opinion of experts, the sectors that can give a new dimension to our economy are modular furniture, food processing (ready to eat), air conditioner machine, medicine, agro-chemicals, textiles, capital goods, components etc.
Employment opportunities will increase:
Currently, the government is giving more emphasis on promoting exports. A boost in manufacturing will boost the declining export rate and create new employment opportunities. It is noteworthy that manufacturing sector contributes only 15 percent of India's GDP. That is why the government wants to attract these foreign companies to India.
India on its way to becoming a better option:
It is the wish of the government that companies leaving China are easily provided new land and basic facilities like electricity, water and roads, then it will be easy to bring companies to India. In fact, India, which is experiencing recession before the Corona crisis, is expecting large-scale foreign investment through these companies. In such a situation, India is looking at the Chinese-born Corona crisis as an opportunity to expand the manufacturing industry in the country.