Millennium Post

Prasad woos US cos to start manufacturing in India,offers sops

Prasad woos US cos to start manufacturing in India,offers sops
“When we say Make in India, I invite big American companies to manufacture in India. (We will) give all benefits that is available for Indian companies. Make for India and make for exports,” Prasad said. US President Barack Obama arrived here today to a red-carpet welcome by Prime Minister Narendra Modi on his unprecedented second visit during which the two sides are expected to push for operationalising the civil nuclear pact, firm up defence cooperation besides strengthening ties in areas like trade.

Prasad said there are a lot of incentives available for electronics manufacturing in India that can be availed by US companies as well. “In plain terms, if you invest $100 here, we will give you $25. Then state incentives are also available,” Prasad said. The government is making efforts to boost electronics manufacturing in the country. India imported telecom products worth Rs 69,516.37 crore in 2013-14 while exports of such items were at Rs 20,475.17 crore during the year, leaving a significant deficit of Rs 49,041.20 crore.

The Telecom Minister said government has opened up Electronic Development Fund worth billions of dollars to support electronics manufacturing in the country. IT can be another area where India and US can work together, he added. “Whenever I see records, 60 per cent of India’s IT exports or about 50 billion are to US. Whenever I go Bangalore, Pune, Hyderabad, Gurgaon, I see American companies having back-end office there. People come to meet me from Facebook, Google and they are all keen to invest more in India,” Prasad said.
PTI

PTI

Our contributor helps bringing the latest updates to you


Share it
Top