In September 2020, India’s government led by Prime Minister Narendra Modi, offered incentives worth 1.68 trillion rupees ($23 billion) to attract companies to set up manufacturing in the nation.
Production linked incentives will be offered to automobile manufacturers, solar panel makers, specialty steel to consumer appliance companies. Textile units, food processing plants, and specialized pharmaceutical product makers are also being considered.
Companies like Samsung Electronics and Hon Hai Precision Industry already pledged $1.5 billion investments to set factories in the country after authorities offered to pay them an amount of 4-6% of their incremental sales over the next five years.
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