Business

PM Modi inviting 324 Companies to build factories in India

As per report to cash in on the ongoing US-China trade war, the narendra modi led government is planning to invite as many as 324 companies, including tesla and Glaxo, to set up factories, according to a report. Meanwhile the proposal is expected to help reduce roadblocks and incentivize companies to see india as an alternative to China. Furthermore the move is expected to help india achieve its aim of becoming a $5 trillion economy by 2025.

Further among the list of companies as per the draft document prepared by the Department for Promotion of industry and Internal Trade (DPIIT), some of the big names include tesla Inc, GlaxoSmithKline Plc, Eli Lilly & Co, South Korea’s Hanwha Chemical Corporation and Taiwan’s Hon Hai Precision industry Co.

Moreover it was stated that under the proposal, the government is looking at making land available for manufacturers, thereby aiding them in setting up factories. The report said this would be done in addition to providing them with power, water and access to roads and the report said this would be done in addition to providing them with power, water and access to roads.

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