India to begin buying up foreign firms to make goods for Indian consumer goods industry
Posted On June 15, 2021
India’s government on Monday said it would begin buying foreign firms such as logistics brokers to make products for Indian consumers, a move that will benefit its manufacturing sector.
The move by the government will come as a major boost to the country’s fledgling retail sector, which is expected to add $8.5 trillion to the economy over the next five years, the government said in a statement.
The announcement came two days after Prime Minister Narendra Modi said India would be building a new manufacturing plant in Gujarat, the state with the biggest number of foreign direct investment, with a budget of $3 billion.