India is working on a specific strategy to attract companies originating from China. Under this, these companies will be provided double the size of Luxembourg. Bloomberg has written in a report quoting the experts of this case.
For this, 4, 61,589 hectares of land has been identified across the country. Of this, 1, 15,131 hectares are in industrial states like Gujarat, Maharashtra, Andhra Pradesh and Tamilnadu. The World Bank data shows that there are a total of 2, 43,000 hectares of land in Luxembourg.
Land availability is the biggest challenge
Availability of land has been the biggest obstacle for any foreign company to invest in India. From POSCO to Saudi Aramco have been worried about land acquisition. Now the central government along with the states wants to change it so that the investors reduce their dependence on China and come to India after the corona virus epidemic.
Foreign companies sought information from the government
For this, the centre will give special attention to 10 sectors, which will include sectors such as electrical, pharmaceuticals, medical devices, heavy engineering, solar equipment, food processing, chemicals and textiles. It is being emphasised that if there are such foreign companies, then they are exploring new options. The government’s investment agency ‘Invest India’ has sought information from some companies from Japan, America, South Korea and China. It is possible that these companies are looking at India from an investment perspective.
These four countries are the top 12 trading partners in India, with a turnover of $ 179.28 billion. From April 2000 to December 2019, foreign investment of 68 billion dollars has come from these countries to India.
States are also making efforts at their level
State governments are also making efforts at their level to attract foreign companies. On 30 April, PM Modi discussed this with all the states so that investors can be reached on a large scale. The Andhra Pradesh government is working closely with some companies in Japan, the US and South Korea. At the same time, the Uttar Pradesh government is also engaged in preparing an online system for land allotment. The Uttar Pradesh government is also in touch with some foreign companies of defense and aerospace.