The government has been vigorously engaged in making India a manufacturing hub after the Corona crisis. Earlier in the day, Prime Minister Narendra Modi said that Corona has made the country self-reliant, and now Minister of State for Finance Anurag Thakur says the government wants to make India the next manufacturing hub after the Outbreak of Covid-19.
In fact, the corona has also stopped economic activity all over the world. But in the meantime, India can become a better option for investment. Big economists are also saying that India has a big chance and should capitalize on it. If India capitalizes on this opportunity, China’s economic strength will weaken in the years to come and its single umbrella will curb business.
Anurag Thakur was interacting with members of the Federation of Telangana Chamber of Commerce and Industry (FTCCI) and industry giants from Telangana on Saturday. He said, the government is strengthening labor laws to make the country a preferred investment.
He said so far the fight against coronavirus has been successful. The country is ready to attract companies around the world from their trade policy. As Anurag Thakur says, the government has taken several steps to attract investment, and the work on it is still going on fast.
Many companies ready to come to India from China:
Anurag Thakur said, “Covid-19 has provided us with a challenge as well as opportunities and now we have to capitalize on that opportunity.” Earlier, former NITI Aayog Vice-Chairman Arvind Panagariya had also said that India should take advantage of the corona crisis and attract companies originating from China. They should be taken into confidence.
According to a news item published in Business Today, foreign companies in China are facing a lot of difficulties due to coronavirus. About 1000 foreign companies are looking for entry into India. About 300 of these companies have made a complete mood for setting up factories in India.
Why prefer India?
The Centre’s Modi government is constantly attracting foreign investors. The government has also made several major announcements for the same. Last year, corporate tax was reduced to 25.17 percent. For new factories, the tax has been brought down to 17 percent. This tax is the lowest in South-East Asia.
Stacy is the Hardware Editor at Get Ignite. She worked for a number of leading tech publications, including Engadget, PCMag, Laptop, and Tech Times, where she served as the Managing Editor. Her writing has appeared in Spin, Wired, Playboy, Entertainment Weekly, The Onion, Boing Boing, Publishers Weekly, The Daily Beast and various other publications. She hosts the weekly Boing Boing interview podcast RiYL, has appeared as a regular NPR contributor and shares her Queens apartment with a rabbit named Lucy.