India mulls incentives to woo 324 firs as trade war simmers

 

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India Plans Incentives to Bring In Foreign Manufacturers From Tesla to Glaxo

Bloomberg) — India is planning to offer 324 companies including Tesla Inc. and GlaxoSmithKline Plc incentives to set up factories in the South Asian nation in a bid to capitalize from the trade war between China and the U.S., according to a document seen Bloomberg.

The government proposes to provide the manufacturers land to set up a factory along with power, water and road access, according to draft of the document prepared by the Department for Promotion of Industry and Internal Trade and Invest India. Other companies that officials will reach out to include Eli Lilly & Co., South Korea’s Hanwha Chemical Corp., and Taiwan’s Hon Hai Precision Industry Co.

While the trade war has benefited countries such as Vietnam and Malaysia, rigid land acquisition rules and labor laws have prompted investors to largely ignore India when looking for alternatives to China. The latest proposal may reduce red tape, and set the nation, which expanded at the slowest pace in six years last quarter, on a path to double its gross domestic product to $5 trillion by 2025 – a goal set Prime Minister Narendra Modi.

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Tesla CEO Musk breaks ground at Shanghai Gigafactory to launch China push

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SHANGHAI/BEIJING (Reuters) – Tesla Inc (TSLA.O) broke ground on Monday for its Shanghai Gigafactory where it plans to begin making its Model 3 electric vehicles (EV) by year-end, a first step in localizing production in the world’s largest auto market.

At a ceremony at the site of the plant on the outskirts of Shanghai, Chief Executive Elon Musk joined the city’s mayor and other local government officials to formally begin construction of a factory that Tesla has said will cost around $2 billion.

“We think with the resources here we can build the Shanghai Gigafactory in record time and we’re looking forward to hopefully having some initial production of the Model 3 towards the end of this year and achieving volume production next year,” Musk said at the event.

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