Tesla’s entry will boost India’s appeal as a global manufacturing hub : FM Nirmala Sitharaman

NEW DELHI : Finance Minister Smt Nirmala Sitharaman has reiterated Govt’s priority to make India a global manufacturing hub and invite manufacturers and entrepreneurs to make in India. In an exclusive interaction with CNBC-Awaaz, the Finance Minister underscored India’s skilled manpower and cost advantage as an attractive proposition for global giants to set up manufacturing base in India.

When specifically asked if the entry of Elon Musk’s Tesla Inc will add to India’s appeal as a manufacturing hub, Finance Minister Sitharaman said, “Certainly. 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.”

Finance Minister Sitharaman added, “If a big manufacturing giant shows interest in manufacturing in India, it gives a positive boost to the manufacturing environment here. 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.”

Shares of several auto ancillary companies have noted a rise in their share price after Tesla Inc CEO Elon Musk announced his India visit. The visit is being seen as a step forward in bringing Tesla to India.

India’s ambition to be a manufacturing hub has got a major momentum through the agenda of an Atmanirbhar Bharat, FM Sitharaman added, which has resulted in defence exports to rise past Rs 25,000 crore. The push to manufacture in India is part of Government’s policy push to ramp up GDP and exports from India, and the Atmanirbhar mission has been a part of this initiative, Finance Minister told CNBC-Awaaz.

Source : CNBC