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With countries looking to reduce dependence on China after the coronavirus pandemic, India is looking to seize the chance to lure foreign investors searching for new shores.
India is preparing 461,589 hectares of land across the country, for businesses looking to migrate out of China, sources told Bloomberg. Twice as large as Luxembourg (243,000 hectares), the land pool includes areas in Maharashtra, Gujarat, Andhra Pradesh and Tamil Nadu, it said.
Moneycontrol could not independently verify the report.
The central government is working along with the states to smooth the processes and availability of land as the scope now is huge, it noted. Presently, investors have to acquire land on their own, where disputes with small land owners holding on to plots delay projects.
Thus, providing accessible land would solve a major hurdle and attract investors who openly expressed their intent to move away from China. Many companies suffered global supply chain disruptions as the concentration of business in China proved to be harmful when regions locked down due to the COVID-19 pandemic.