Government To Invite Tesla and GlaxoSmithKline To Set Up Factories Here: Report

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  • Government to provide manufacturing-related incentives linked to investments for the electronics and telecom sector
  • The proposal aims to to provide the manufacturers land to set up a factory with power, water and road access

According to a report by Bloomberg, the Indian government is planning to invite 324 companies, including Tesla and GlaxoSmithKline Plc to set up factories in the country. The report also said that according to draft of the document prepared by the Department for Promotion of Industry and Internal Trade and Invest India, the government has proposed to provide the manufacturers land to set up a factory with power, water and road access.

Some other companies the government plans to reach out to are Eli Lilly & Co, South Korea’s Hanwha Chemical Corp and Taiwan’s Hon Hai Precision Industry Co as per the report. The government will create a land bank for ready-to-move-in industrial clusters. It will also offer investment and location-based incentives and rationalise anti-dumping duties said the report.

Flexible employment, manufacturing-related incentives

The government will provide flexible employment, manufacturing-related incentives linked to investments and value addition for the electronics and telecom sector. The proposal also includes incentives for plug-in and hybrid vehicles, fuel efficiency and carbon taxation as per the report.

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