Tesla's Entry will Promote India's Appeal as a Global Manufacturing Hub: FM

Finance Minister Nirmala Sitharaman emphasized the government's commitment to making India a global manufacturing hub and inviting firms and entrepreneurs to invest in India. The Finance Minister underscored India's trained labor and cost advantage as an appealing proposal for multinational corporations to establish manufacturing bases in India.

Sitharaman responded to a particular question on whether Elon Musk's Tesla Inc. arrival will increase India's appeal as a manufacturing hub, "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 also 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."

India's desire to become a manufacturing hub has gained significant momentum as a result of the Atmanirbhar Bharat plan, according to FM Sitharaman, with defence exports surpassing Rs 25,000 crore. The push to manufacture in India is part of the government's policy push to boost India's GDP and exports, and the Atmanirbhar mission is part of that initiative, according to the Finance Minister.