India Will Host US Companies Whose Who Wants To Leave China, Says Finance Minister Nirmala Sitharaman

Mumbai: In a recent development, Union Finance Minister Nirmala Sitharaman said that it would prepare a roadmap for international companies that are looking to relocate outside China. For them, India will definitely be a preferred destination for investment.

“I am definitely doing that in some way to go back and design, so that I will identify those multinational corporations, all American businesses or any other countries of European or British origin that who are moving out of China or who probably are even contemplating. I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” Sitharaman was quoted by news agency PTI.

While this has come at a time when the United States and China are locked in a cold trade war, the finance minister clarified that the simmering trade war could be just one effect. There are many companies that are relocating outside China for various other reasons.

“That’s why I gave that little line I’m making about companies that want to search elsewhere outside of China. As I said, I said that every company from China locks, stocks and Don’t want to take barrels, there are companies that will be there to serve the Chinese market.

“Ultimately, China is a very large domestic market and their purchasing power, consumption style may be very different from what it is in India, but I am already making the margin that companies might be able to address the stresses of the Chinese market tension or no tension,” cited the Union Minister.

(With Agency Inputs)

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