India seeks investments from central Europe
VIJAYWADA: With India introducing one of the most important reforms through corporate tax reduction, a high-level government delegation led by the secretary of the heavy industry department, AR Sihag is approaching major Czech companies, including Volkswagen and Skoda Transpiration to increase their investment in India, taking advantage of the country as their global supply chain center.
Sihag, Indian ambassador to Czech Republic Narinder Chauhan and EEPC President Ravi Sehgal, together with other senior government officials, organized an 'India Investment Meeting' on Tuesday at the International Engineering Fair (MSV) in Brno, in central Europe. An Indian pavilion with a strong presence of engineering and technology firms shows the country's ability to global companies at the prestigious fair, between October 7 and 11, a press release from EEPC India said on Wednesday.
Addressing global companies and technology leaders, Dr. Sihag informed them about how India occupies a prominent place in the investment radar of the main Czech companies. The Volkswagen Group is investing one billion euros in the implementation of its project in India to develop new models, including medium SUVs that will be exhibited in 2020. It is important to note that the technical development of new products will take place in India, he said. according to the launch of EEPC India.
Similarly, the Skoda Transportation group has also developed hybrid vehicles and electric buses with the announcement of the electronic vehicle policy of the heavy industry department. He has a specific interest for India in technology transfer and product development in the electronic vehicle market, said Dr. Sihag, underlining how the country is focusing heavily on green cars.
Together with the senior management of EEPC India, the DHI secretary would visit plants and facilities of several Czech companies and universities to learn about Ru0026D and technology development.
In its presentation at the India Investment Meet, he said, India has set the goal of increasing the size of the capital goods sector from Rs 2.30 lakh crore in 2014-15 to Rs 7.50 lakh crore in 2025, raising direct and indirect employment to 30 million 8.4 million today. Exports must also account for 40 percent of the production of engineering goods of 27 percent today.
Addressing the meeting, Ms. Chauhan said: India is seeking foreign investment, particularly in high-tech areas and further strengthening its manufacturing under the flagship program 'Make in India'.
EEPC India Ravi Sehgal said that with the Indian government making corporate tax rates competitive, foreign investors should find a compelling case to look for green pastures in Indian manufacturing, especially when the world's two major economies are caught in a war. commercial. The Indian government has reduced the corporate tax to 22%, even after surcharges and terminations, the effective rate is approximately 25%. For new investments for plants that will be operational before March 2023, the effective corporate tax rate is a little higher than 17%, which is very competitive for an attractive investment in the Make in India program.
The International Engineering Fair (MSV) is an industrial commercial touch in Central Europe. More than 1,600 exhibitors and 80,000 visitors participate each year. More than 50% of exhibitors and 10% of visitors come from abroad.
There are several Indian companies operating in the Czech Republic . They include Infosys , Ashok L eyland, Tata Tea, Alok Industries, Spentex Industries , Motherson Sumi Systems , Glenmark Pharmaceuticals , Lloyd Group, Lloyd Electric and Engineering Ltd, according to the statement.