Key Points
Locally manufactured cells for electric vehicles would trigger almost $6 billion in investments, build a supply chain at home, cut $30 billion in energy imports and be a major boost to Prime Minister Narendra Modis Make in India project, the government said.. There was only one problem with the $2.2 billion handout: Among the four winners selected from what its press release described as an overwhelming response by investors, New Delhi had picked the wrong Hyundai...
At a five-year cost of $24 billion, its an ambitious industrial policy push that just like US President Joe Bidens Inflation Reduction Act is seeking to galvanize private investment in a mix of industries ranging from auto manufacturing and textiles to solar, battery and semiconductors, with the goal of creating new jobs and a whole lot of follow-on prosperity...
Take the recently announced joint venture of Taiwans Foxconn Technology Group, and the metals company Vedanta Ltd. to set up a $19.4 billion semiconductor factory in Modis home state of Gujarat..
As one opposition politician noted, the Foxconn-Vedanta project would cost the exchequer more than a rural jobs program that sustained 80 million Indians during the pandemic lockdown...
For a resource-constrained government like Indias, investing in infrastructure, human resources and state capacity would have given the post-pandemic economy a larger, longer-lasting push than trying to compete with rich nations on industrial policy..
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