Boost For Make In India: 200 US Companies Seek To Move Manufacturing Base From China To India, Says USISPF

Around 200 American companies are seeking to move their production facilities from China to India post the general elections in search of an alternative manufacturing base, the United States-India Strategic and Partnership Forum's (USISPF) president Mukesh Aghi said, reports Economic Times.

Aghi shared that host of companies are talking to the USISPF and seeking assistance in setting up alternatives to China by investing in India which offers a fantastic opportunity in terms of market and prospects.

He added that USISPF's recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process. He also backed the cause of a Free Trade Agreement (FTA) between the United States (US) and India.

"I think if India is concerned about cheap goods coming from China, an FTA will eliminate that need. You can put barriers to Chinese goods and still have the US providing access to the Indian market and Indian companies having more access to the US market, and issues like GSP (Generalised System of Preferences) would diminish,” he said.

Aghi also underscored that the amount of investment these companies can bring to India is substantial and that in the last four years USISPF member companies have invested over $50 billion in India.