Japan to give big blow to China, will give subsidy to companies shifting to India
Japan to give big blow to China, will give subsidy to companies shifting to India

In the business case to China, Japan is planning to give such a blow, which is a matter of benefit for the country. Japan is planning to subsidize these companies to shift the manufacturing base of the two companies from China to India. These two companies are Toyota-Tsusho and Sumida. Toyota-Tsusho is in the process of setting up a rare earth metal unit in the country, while Sumida company will be trading in spare parts for automobiles.

According to the media report, government sources said that there was only such effort from India to bring these companies to India, but Japan has also decided to subsidize these companies to make the deal more attractive. Sharing this news, Commerce and Industry Minister Piyush Goyal tweeted, "Japan will provide financial assistance to two companies shifting their manufacturing base from China to India. We will continue to work closely with Japan and Australia to ensure a transparent business and investment environment under the supply chain initiative."

In September this year, Japan announced incentives as a subsidy to companies shifting their factories from China to ASEAN countries. Japan has said that it will subsidize Japanese companies that manufacture their goods in ASEAN countries instead of China. Japan has also included India and Bangladesh in this list, where Japanese companies can manufacture their products.

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