• 25-27 November 2021
  • Bombay Exhibition Centre (NESCO), WEH, Mumbai

Government plans for Rs 1.68 lakh-crore package to attract global brands

As per news reports, India is planning to offer incentives worth 1.68 trillion rupees ($23 billion) to attract companies to set up manufacturing in the South Asian nation. In line with the same, Hon’ble PM Narendra Modi’s government will offer production-linked incentives to automobile manufacturers, solar panel makers, and specialty steel to consumer appliance companies.

The move will attract many global brands to India and give a major push to ‘Make in India’ initiative in the country. In addition, many top brands are looking out to diversify supply chain and shift base from China to other South Asian countries. India is in a good position to capitalise on this unique opportunity and bring back the economy on track.

The government is also planning to introduce a phased manufacturing program to other sectors for allowing companies to gradually increase local value-addition. The program, presently popular for components and accessories used for mobile phones, is proposed to be extended for furniture, plastics, toys and low-value consumer durables.

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