Four multinational steelmakers – Hyundai Steels, POSCO, Tsingshan Holdings, and JSW Steel – are among 49 large companies that have expressed an interest in establishing their units in the state.
The total investment they likely make is approximately $ 1.25.572 billion. The investments of the four steel giants in the private sector with a global presence are on the order of 96,000 billion yen.
Hyundai Steels and POSCO are likely to invest 42,000 crore and 30,000 crore, respectively, and the other two 12,000 crore each, according to industry officials.
Panasonic, Phillips Carbon, Aditya Birla Group, Voltas, Patanjali Ayurved, TATA Coffee, Mondelez, Haier, and IFB are some of the other large / mega-corporations that have shown interest in unlocking the potential of the state.
High EoDB ranking
The government is in active talks with them and expects the reforms, which have earned them a high ease-of-doing business ranking, to close a good chunk of the deal.
In the past two years, 65 large and mega-industries have invested nearly 29,790 billion yen and created over 45,000 jobs, the official said.
The state also attracted foreign direct investment (FDI), which totaled nearly 2,115 billion yen between October 2019 and March 2021.
Reforms
As part of the Industrial Development Policy 2020-23, the government offers tailor-made incentives, including tax ones, for projects that create jobs for more than 2,000 people.
Land allocation policy has been revised to reduce upfront costs and curb land hoarding by unscrupulous investors, which is a bane for real investors.
Land is now allocated according to the lease-plus-purchase model. Another important thing is to set up YSR APOne, a dedicated cell with a digital interface for much-needed business facilitation.