For Chinese processing and manufacturing enterprises that initially tried to produce India The overseas processing center, if working in the country is indeed becoming more difficult and unprofitable, then leaving India is also an affordable option, according to the state-run Global Times.
“The frequent Indian investigations of Chinese enterprises not only disrupt the normal business activities of these companies, but also hinder the improvement of the business environment in India and undermine the confidence and willingness of market participants, especially Chinese enterprises, to invest and operate in India. ”, — stated in the comments to the publication.
As of June 29, India has approved only 80 of the 382 foreign direct investment (FDI) applications that Chinese companies have submitted since April 2020.
“This figure reflects the increasingly difficult business environment facing Chinese investment and companies doing business in India,” the report said.
After leaving India, some manufacturers turned their attention to Southeast Asian countries such as Vietnam.
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“Faced with competition from Vietnam, India should no longer create obstacles to the development of its production and should stop pursuing Chinese investment,” the report says.
Despite the Covid-19 pandemic, trade between China and India increased to $67.1 billion in the first half of 2022, allowing it to exceed $100 billion for the second year in a row.
“We hope that India can provide a fair and non-discriminatory business environment for Chinese investors, which will be mutually beneficial for both Chinese enterprises and India’s manufacturing ambitions,” the commentary said.
OPPO India, Xiaomi India and Vivo India have received notices from the Tax Intelligence Directorate (DRI) for tax evasion, said Finance Minister Nirmala. Sitharaman Announced in Rajya Sabha this week.
A Notice of Claim of Rs 4,403.88 crore has been issued. OPPO Mobiles India LLC based on an investigation by DRI, while five cases of customs evasion were registered against Xiaomi Technology in IndiaSitharaman said in a written response.
DRI found customs duty evasion of around Rs 2,217 crore by Vivo Mobile India Private Ltd.
In accordance with the provisions of the Customs Act, Vivo India has been notified of the payment of customs duties of Rs 2,217 crore.
Information from IANS