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India eyes to cash in on

India eyes to cash in on

Published:08 May 2020

For Indian Prime Minister Narendra Modi, a surge in investment would help shore up an economy battered by an eight-week nationwide lockdown to control the Covid-19 outbreak, and help him make up ground hitting a target to grow its manufacturing sector to 25% of gross domestic product by 2022 from 15%.

New Delhi:India is seeking to lure around 1000 US businesses to relocate from China as President Donald Trump's administration steps up efforts to blame Beijing for its role in the coronavirus pandemic.

The government in April reached out to these companies through overseas missions to offer incentives for manufacturers seeking to move out of China, according to sources. India is prioritizing medical equipment suppliers, food processing units, textiles, leather and auto part makers among more than 550 products covered in the discussions.

Trump's move to blame China for its handling of the Covid-19 outbreak is expected to worsen global trade ties as companies and governments move resources out of the world's second-largest economy to diversify supply chains. Japan has earmarked $2.2 billion to help shift factories from its neighbour, while European Union members plan to cut dependence on Chinese suppliers.

For Indian Prime Minister Narendra Modi, a surge in investment would help shore up an economy battered by an eight-week nationwide lockdown to control the Covid-19 outbreak, and help him make up ground hitting a target to grow its manufacturing sector to 25% of gross domestic product by 2022 from 15%.


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