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India To Become Global Manufacturing Hub With Tesla’s Entry: FM Nirmala Sitharaman

Updated: Apr 19, 2024 05:54:52pm

India To Become Global Manufacturing Hub With Tesla’s Entry: FM Nirmala Sitharaman

New Delhi, Apr 19 (KNN) Finance Minister Nirmala Sitharaman has reiterated the Indian government's priority to transform the country into a global manufacturing powerhouse. 

In an exclusive interaction with CNBC-Awaaz, she highlighted India's skilled workforce and cost advantages as attractive propositions for global giants to establish manufacturing bases in the nation.

When asked about the potential entry of Elon Musk's Tesla Inc. into India, Sitharaman welcomed the move, stating, "We welcome all companies and entrepreneurs from across the world to come and Make in India, as the environment is conducive, the youth is skilled, and manufacturing here is a cost-effective proposition."

The Finance Minister emphasised that the arrival of major manufacturing companies like Tesla would provide a positive boost to India's manufacturing ecosystem. 

"If hi-tech companies are coming to India, it means our policies are correct, and it is in India's interest as well to export overseas," she added.

Shares of several auto ancillary companies have witnessed a surge in their stock prices after Tesla Inc CEO Elon Musk announced his planned visit to India, which is being viewed as a step towards bringing the electric vehicle giant to the country.

Sitharaman attributed India's ambition to become a manufacturing hub to the government's 'Atmanirbhar Bharat' agenda, which has resulted in a significant rise in defence exports, surpassing Rs 25,000 crore. 

The push to manufacture in India is part of the government's policy initiatives to boost GDP and exports from the country, with the 'Atmanirbhar' mission being a key component of this endeavour, she told CNBC-Awaaz.

(KNN Bureau)


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