India Planning To Invite Tesla Along With 323 Other Companies To Start Operations In India

According to a Bloomberg report, India is considering to offer incentives to 324 companies to setup factories in the country as it wants to benefit from the trade war between China and the U.S. and the list also includes American electric carmaker- Tesla. According to a draft prepared by the Department For Promotion of Industry and Internal Trade and Invest India, the government has proposed to provide land to these companies to setup a factory along with giving them water, electricity and road access.

Also Read: Tesla Sedans Regain Recommended Status In Consumer Reports Survey

The list also includes other companies like Glaxo Smith Kline Plc, Eli Lilly & Co., Hanwha Chemical Corp and Hon Hai Precision Industry Co among others. The report also suggests that the latest report may envisage the opportunity of companies to invest in India as many firms still think twice before starting business in our country due to the stringent labour laws.

Also Read: Tesla Shares Soar 21 Per Cent As Surprise Profit Answers Sceptics

Going by the plan, the government will procure land before hand for ready-to-move industrial clusters. Under the proposal, the Government will give incentives for plug-in-hybrid vehicles, fuel efficiency and carbon taxation. India has climbed 37 points since 2017 in the World Bank's ranking for ease of doing business and is placed at 63rd position. Our economy has expanded 5 per cent in Q1 of FY2020 and requires better inflow of foreign investment along with boosting exports.