ENA Sectors 2024-06-03 14:05:58 <p><span style="font-size:14px"><strong>New Delhi, Jun 3 (KNN)</strong> Indian Prime Minister Narendra Modi plans to implement a series of business-friendly policies aimed at transforming India into a global manufacturing hub if he wins a third term in this week's general election, according to government officials.</span></p> <p><span style="font-size:14px">Key measures being considered include making it easier for companies to hire and fire workers, offering subsidies to boost domestic production similar to recent incentives for semiconductor and electric vehicle makers, and reducing import taxes on raw materials to lower manufacturing costs.</span></p> <p><span style="font-size:14px">The reforms are part of Modi's campaign promise of continued economic development and establishing India as an alternative to China for global firms diversifying their supply chains.</span></p> <p><span style="font-size:14px">While India is the world's fastest-growing major economy, only around 3 per cent of global manufacturing currently takes place in the country compared to 24 per cent for China.</span></p> <p><span style="font-size:14px">The government aims to increase India's share of global manufacturing to 5 per cent by 2030 and 10 per cent by 2047, according to an internal document.</span></p> <p><span style="font-size:14px">However, restrictive labour laws, difficulties acquiring land, and an inefficient tariff regime have been identified as major obstacles hampering India's manufacturing ambitions.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38044 https://knnindia.co.in/news/newsdetails/sectors/modi-eyes-business-friendly-moves-to-boost-manufacturing-if-re-elected 2024-06-03 14:05:58 knnindia.co.in