India: Government program worth EUR 20 billion as production incentive for foreign companies
The Indian economy has suffered significant losses compared to the previous year due to Covid19: the manufacturing industry by 40%, the automotive sector by over 75%! To counteract this trend, the government has set up a program with production incentives worth EUR 20 billion
Primarily for manufacturers in the automotive, solar, special steel and pharmaceutical sectors, in addition to the “Production Linked Incentive Program” of EUR 6.5 billion in the electronics manufacturing sector, already created in April 2020. Large multinational companies such as Samsung Electronics, Foxconn and Wistron Corp. have already committed investments worth EUR 1.3 billion. The individual states also offer attractive incentives: Tamil Nadu, for example, has announced that programs in the electronics sector worth EUR 85 billion will be set up until 2025. EAC supports customers in developing a coherent market strategy in India. We would be happy to examine the potential of the current initiatives for your company!