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Apple, Samsung, Intel among 36 cos looking to invest in India: sources

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As many as 19 out of 36 companies have indicated an investment plan to the tune of over $10-12 billion.

Apple, Samsung, Intel among 36 cos looking to invest in India: sources
India’s bid to become a global supply chain hub rivaling China seems to be coming to fruition with as many as 36 companies such as Apple, Samsung, Intel, Walmart, Nayara Energy evincing interest to relocate their operations here. The government’s Project Development Cell (PDC) has identified 36 companies that are looking to relocate the supply chain from China, according to sources. The icing on the cake is: as many as 19 out of 36 companies have indicated an investment plan to the tune of over $10-12 billion, CNBC-TV18 learned from sources.
The PDC has shared the potential investment plans of the companies with the Empowered Group of Secretaries. The high-powered group is led by Cabinet Secretary Rajiv Gauba.
There are 29 PDCs attached to ministries that have been mandated to push investment proposals. It has consulted over 600 companies since April this year and over 150 companies have shown interest in possible investment in India. It is estimated that over $20 billion possible investment is likely from these companies.
The PDCs have informed the Empowered Group of Secretaries that there are high chances of investment from companies like Apple, Intel, Walmart, Nayara Energy.
Many companies from countries like the US, Japan, Taiwan, Singapore, UK, Germany, Korea amongst others are also looking to invest in sectors like Electronics, Renewable energy, IT-BPM, retail/e-commerce, Oil & Gas, and consumer goods.
With the pandemic highlighting the risks emanating from a single-supply chain in case of a disruption, global corporations are aiming to diversify their operations from China. The Modi government has in recent months announced a series of measures to create a conducive atmosphere to make India a major investment and manufacturing hub.
On Wednesday, the government approved offering Rs 2 lakh crore worth of production-linked incentives (PLI) scheme to 10 more sectors to boost domestic manufacturing. Introduced in March this year to boost job creation and local manufacturing and aimed at both MNCs and domestic companies, the PLI scheme aims to provide incentives to companies on incremental sales from products manufactured in domestic units.
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