Sunday, July 14, 2024
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Modi plans post-election reforms to match Chinese industry

Indian Prime Minister Narendra Modi plans a series of business-friendly measures if he wins a third term this week, including pushing through regulations that make it easier to hire and fire workers, according to two government officials familiar with the matter.

As part of an election pledge to transform India into a global manufacturing hub, Modi wants to offer subsidies for domestic manufacturing modeled on recent packages for semiconductor companies and electric vehicle makers, said the officials, who spoke on condition of anonymity because they did not goods. authorized to talk to the media.

The prime minister also plans to cut import taxes on key raw materials for locally produced goods, which have pushed up India’s production costs, the officials said.

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