Indian Prime Minister Narendra Modi is set to introduce a series of pro-business measures if he secures a third term in office this week, according to two government officials in the know. Among the proposed changes are reforms to labor laws that would streamline the process of hiring and firing employees.
Modi’s vision includes positioning India as a leading global manufacturing hub, with plans to offer subsidies to boost domestic production. These subsidies would be modeled after successful packages offered to semiconductor and electric-vehicle manufacturers. Additionally, the Prime Minister aims to lower import taxes on key inputs used in local manufacturing to reduce overall production costs.
This move is part of Modi’s election promise to revitalize India’s manufacturing sector and attract more foreign investment to the country. With these measures, India hopes to enhance its competitive edge in global trade and strengthen its position as a key player in the manufacturing industry.
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