How Employment Will Boost With Govt.Strategies Amidst Global Trade War?
Indian Government has taken steps ahead to capitalize trade by allowing global companies to invest in India amidst US-China trade war
The dispute between the United States and China has led to higher tariffs on goods worth billions of dollars.According to the documents viewed by Reuters, India has been targeting giant global business like Apple, Wistron Corp and Foxconn including Taiwan-headquartered contract manufacturer Pegatron Corp since months encouraging them to establish its business in the country and out of trade war hit China.
The trade dispute between the United States and China has led to high tariffs on goods and services, dealing in trade, disturbed supply chains all over the globe. It has diverted companies to invest and seek business growth in other countries and avenues.
Rise in Auto Employment
According to the documented sources, Indian officials have held a meeting with the local representatives of Honda, Volkswagen and Hyundai Motor Co. to shift their business units to India from China. Government of India seek it as a great opportunity for the country's employment and economic structure.
Opportunity in Smartphone Markets
Indian officials are in the business talks with Apple Inc. to set up its business units in India and promote economic and employment growth. Factors which Indian grounds need to fix are policy stability and faster clearances. According to the experts, China offers better skilled workforce and clearances ecosystem, so, India need to overcome the level of the skilled workforce and various aspects to promote business and boost economy amidst global trade war. India is the world's second biggest smartphone market which would allow more influx of smartphone companies to increase skilled employment which directly will shoot up the economy.
The prolonged trade dispute has also affected Apple, which faces levies of 15% imposed by the U.S. administration on major products made in China such as smart watches on Sept. 1, with a tariff on its iPhone to take effect on Dec. 15. Viewing at it with an advantageous aspect, Indian government has forged ahead to target companies like Apple to shift its business.
Meeting the planned business needs of the government, the country's economy will be touching the expected heights. By welcoming technology and corporate giants of the world, Indian government is focussing on increasing economy graph with bulk FDI influx.
The Indian government will also share a list of foreign investors and businesses with its consulates which will be tasked to fix meetings with the firms at their headquarters.
"This exercise to start first with Chinese companies based in China and to be completed before 15th of September 2019, including one-on-one meetings," the document said.