Govt to prepare ‘blueprint’ for companies looking beyond China: Nirmala Sitharaman
Washington DC (USA) | Jagran News Desk: The government will prepare a blueprint for international companies that looking beyond China to make India as their preferred investment destination, said Finance Minister Nirmala Sitharaman adding that industry leaders who are contemplating getting their businesses out of China are ‘considering India as the pitch’.
“I'd certainly be doing that...I go back and design in some way whereby I will identify those multinational corporations, all American businesses or any other country European or a British origin who are moving out of China or who probably are even contemplating,” she said.
“I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” she added.
The Finance Minister, however, said that the government's decision is not just going to be purely on the basis of the trade war between the United States and China.
“That could either aggravate the situation or probably just influence at some level. But the fact remains that there are companies which are looking at relocating for various other reasons also,” said Sitharaman.
“That is why I gave that little fine line that I'm drawing about companies that would want to locate elsewhere outside of China. Even as I said that I said that not every company wants to lock, stock and barrel get out of China, there are companies which will remain there to service the Chinese market,” she said.
“After all little China as a very big domestic market and their purchasing power, consumption style may be very different from what it is in India, but I'm making that margin already that companies will probably be there to service the Chinese market tension or no tension,” she added.
The Finance Minister said that the government wants to create an ecosystem to invite the companies to tap the country's market.
“I'm allowing that margin already. Over in about that for those companies, even if they continue to be in China but still would want to produce from elsewhere either to export or to capture a new hub, domestic market like India,” she said.
“There was one thing very clear that India is still for them (companies), one of the biggest options to consider,” Sitharaman added.
(With PTI inputs)
Posted By: Aalok Sensharma