Coronavirus infection has affected not only India but also the world economy. The spread of corona from China has worsened its image in the world. India now has a golden opportunity to beat China in the manufacturing sector, apart from the service sector. Now, the situation is that many giants want to get out of China. If India gets a partial advantage of this opportunity, it will be very helpful to take us forward qualitatively. India is continuously trying to strengthen Make in India. With these efforts and the double impact of foreign companies disillusioned with China, every neighboring country, in addition to the service sector, can also be beaten up in manufacturing.
Companies may come to India from China due to these factors:
It takes two years for any company to plant its own plant. Under the plug and play scheme, companies will get land as well as other facilities in India in a few days. 23 thousand hectares of land are lying vacant in the Special Economic Zone(SEZ). If companies from China come to India, this land will be used. This will have both India and the companies. Under the plug and play model, companies originating from China have been planning to bring them to India. The strategy has been formulated, and steps are being taken to attract companies. For companies, modified, industrial, infrastructure, up-gradation scheme-Mius is necessary, which is being changed. For this, a grant of Rs. 50 crore will be received immediately from the government side.
First of all, these units can come to India:
Most pharma industry from China is estimated to come to India. This is because India had recently provided necessary medicines in countries, including the United States, to fight against the corona. This has led to India's appreciation in the pharma sector. It is understood that India has the highest drug-making plants after the US as per USFDA norms. Companies from the USA, UK, Japan, and Australia may be out of China. According to media reports, a large part of the companies of the mobile industry, electronics, medical devices, textiles, synthetic fabrics, food processing sectors is in the final stages of exiting China.
So, even companies can be attracted:
Companies outside China can also come to India because recently, many rules have been simplified for foreign companies in India. These rules also have a tax system. There has been a lot of improvement in indirect tax in India. At the same time, infrastructure in rural areas has also increased. In addition, reforms in labor laws have increased. In September 2019, corporate tax was drastically reduced, making foreign companies more. India has many criteria ahead of China. For such, there are skilled and skilled people working in professional IT software in the country in India. That is why foreign companies can come to India. According to a survey, the labor cost in India is also lower than that of China. At the same time, The youth of India have a better understanding of English than the youth of China. This also makes it easier for business communication from companies in Europe and the United States.
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