India Ready To Provide Land Twice Luxembourg’s Size To Firms Quitting ChinaMay 05, 2020 19:45
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According to people with the knowledge of the matter, on a whole, India has identified 4,61,589 hectares land that is two times the size of Luxembourg for attracting businesses quitting from China.
The areas covered are industrial areas in Gujarat, Andhra Pradesh and Tamil Nadu. According to the World Bank, the total area covered by Luxembourg is 2,43,000 hectares.
Prime Minister, Narendra Modi’s administration is set to work with State governments so that investors stop looking forward to China as a manufacturing base after Coronavirus outbreak and with disturbances in the supply.
In India, land has always been a constraint for companies looking forward to investing. For instance, there were delays in acquisition plans from Saudi Aramco to Posco.
- Investors deciding to set up factories in India need to acquire land on their own. There might be a delay in this project as the owners of small plots will lose their land.
- The Ministry of Commerce and Industry didn’t answer.
- Even before this virus affected us the economy was coming down and now that nationwide consumption would increase due to lockdown, it is essential to provide land with power, water and road access, this is one way of bringing new investors in the economy.
- India is open for an investment from companies abroad that are interested in options. Having said, Japan, the US, South Korea And China are looking at shifting to Asia’s third-largest economy. Ten sectors were recognized to improve manufacturing.
- In economic zones that has good infrastructure, they planned on using unused lands. By the end of this month, scheme for encouraging foreign investments will be finalized.
- Every state is separately going to work on developing their plans of attracting foreign investors.
- A South Indian State Andhra Pradesh is in touch with several companies from Japan, South Korea and the US.
- UP is making provisions for attracting investors in the defense and aerospace sectors. Land is being allotted online for industrial and commercial purposes.
By Neha Makhija