For Chinese processing and manufacturing companies who initially tried to make India an overseas product processing hub, if it is indeed increasingly difficult and unprofitable to operate in the country, then pulling out of India is also an available option, the Global Times said. , run by the state.
“The Indian side’s frequent investigations of Chinese companies not only disrupt the normal business activities of these companies, but also hamper the improvement of the business environment in India and dampen the confidence and will of market entities, especially Chinese companies, to invest and operate in India,” read a comment in the post.
As of June 29, India had only approved 80 out of 382 foreign direct investment (FDI) offers Chinese companies had submitted since April 2020.
“The figure showcases the increasingly challenging business environment faced by Chinese investment and companies doing business in India,” the report said.
Following their withdrawal from India, some manufacturers have shifted their focus to countries in Southeast Asia, such as Vietnam.
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“In the face of competition from Vietnam, India should no longer put obstacles in its manufacturing development and stop suppressing Chinese investment,” the report added.
Despite the Covid-19 pandemic, Sino-Indian trade rose to $67.1 billion in the first half of 2022, putting it on track to surpass $100 billion for the second consecutive year.
“Let’s hope that India can provide a fair and non-discriminatory business environment for Chinese investors, which will be mutually beneficial to Chinese companies and India’s manufacturing ambitions,” the comment read.
OPPO India, Xiaomi India and Vivo India have been served formal notices by the Directorate of Tax Intelligence (DRI) for customs fraud, Finance Minister Nirmala said. Sitharaman announced at the Rajya Sabha this week.
A show cause notice demanding Rs 4,403.88 crore was served on OPPO Mobiles India Ltd based on an investigation conducted by the DRI, while five cases of customs fraud were recorded against Xiaomi India TechnologySitharaman said in a written response.
The DRI has detected duty evasion of around Rs 2,217 crore by Vivo Mobile India Private Ltd.
A show cause notice has been issued to Vivo India demanding customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act.
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