1000 companies to move from China to India?

 can China's loss be India's gain the corona virus outbreak is a global crisis it is a major health challenge for India too but it is also an opportunity it's a chance for India to win businesses away

from China and bring them here and guess what it's already happening foreign businesses based in China want to move

out and they're looking at India as their new home not one or two but as many as 1,000 companies have reached out to India they're engaged in discussions with Indian officials at various levels

at least 300 companies are actively pursuing production plans they belong to industries and sectors like mobiles electronics medical devices textiles and synthetic fabric Korean companies are making the first move reports say the Korean consulate in Chennai has received a number of requests - requests are from iron and steel companies another one from the hospitality sector.

 some startups have also shown interest in moving from China to India India is being seen as a solid alternative a global manufacturing destination going forward the corona virus outbreak has exposed how lopsided the global supply chains are companies want to reduce

their dependence on China now and India is emerging as a viable option so which companies could come to India there are reports that give some clear indications apples manufacturing partner

with strong cooperation is reportedly interested in shifting to India Pegatron the company that assembles the iPhone is also considering India POSCO and Hyundai steel are some South Korean names doing the rounds the Indian government is keen on capitalizing the shift Delhi is expected to make moves to attract more foreign companies.

 Reports say the government is planning an aggressive make in India push after the lockdown is lifted Indian Minister Nitin Gadkari has

already given a signal he has urged industry bodies to attract top companies from the US and the UK backing the idea of more joint ventures and assuring the government support this minister said that permissions will be given on a quote unquote or footing so what works in India's what works in India's favor is the question this has been in the making well before the pandemic we can tell you India

became an attractive option after the cut in corporate taxes this happened last year the corporate tax was reduced to 25% for new manufacturing firms it is as low as 15 percent 1/5 this is an attractive proposition but this is not enough investors have hesitated to move to India and the past they blame the changing policies they blame the red tape in India and India will have to overcome these challenges if it wants to attract businesses away from China there is competition to Vietnam Malaysia the Philippines and Indonesia there's these are some of the other alternatives that companies are considering India may need to do more to attract big investment and India is reportedly willing to offer incentives to foreign businesses.

The Prime Minister's Office niti aayog and other government agencies are working on a plan and here is what it could look like the government of India plans to set up dedicated groups they will directly engage with the firms that might want to diversify out of China in fact New Delhi is said to have already reached out to 100 companies incentives like capital expenditure benefits could be offered to companies looking to shift.

but it's going to take some time for these companies to make up their minds the corona virus outbreak in the lockdowns have killed demand the world over major businesses especially businesses to consumer companies are practically shut at the moment India's fortunes are also tied with a global economic revival if Delhi makes the right moves at the right pace it could well emerge the winner.