Apr 18, 2022

UP Attracting Multi National Companies India's Diaspora

Attracting Multi National Companies India Diaspora
Multinational companies 

UP Efforts To Attracting Multi National Companies


UP Efforts to attracting multi national companies to boost the economy of the Uttar Pradesh ( UP )state because the labour migration during the Covid-19 pandemic. Due to the spread of Covid-19 pandemic and US-China trade war many global multinational companies are reviewing their sourcing from China. Due to the Covid-19 lockdown, nearly 3.8 million migrant labourers and workers  from Uttar Pradesh have returned to their towns home from other states of India. In this backdrop Uttar Pradesh government initiating many measures to attract the global multinational companies which are leaving from China. The Indian Government new initiative "Atmanirbhar Bharat" motivated UP government to cleared a new investment policy aimed to providing a better deal to industries. UP government has also formed an economic task force to atract investment and announced best easy economic packages for multinational companies to moving in Uttar Pradesh. UP has announced promises to reimburse state goods and services tax (SGST) by 200 to 300 per cent of the capital investment. The UP Government's new sector specific policies are yielding positive results and, UP attracted an investment of over Rs 50,000 crore during the most challenging Covid-19 pandemic period. Therefore as a result of Uttar Pradesh government efforts, the huge numbers of the migrant workforce could be get gainful employment in locally. The Uttar Pradesh Government major focus is on the backward region of Eastern UP and Bundelkhand regions. The UP Government's new policies will apply mainly in the backward region of Eastern UP and Bundelkhand regions. In Uttar Pradesh The total number of MSME are over 90 lakh. The new policies announced by the UP Government will benefit for MSME in Uttar Pradesh, and investment from the multinational companies could provide better job Opportunities for labour migrating from the other states. The major multinationals companies, that gave positive response to UP Government's effort to attract FDI, in which following multinational companies include, Lockheed Martin, Adobe Inc, Honeywell, Boston Scientific, Cisco System, FedEx and Canada has proposes an investment of over Rs 1000 crore around the Jewar airport. The Germany's most famous footwear brand Von Wellx, which has shifted out of China, planning to to set up its footwear unit in Agra. 

What Is India's Diaspora Policy Challenges

The India's diaspora policy is not new, India's diaspora policy took shape during the regime of Rajiv Gandhi, who take initiatives to inviting Indians from abroad to participate in the nation-building. During that time the provisions for PIO card, OCl card, Pravasi Bharatiya Divas and voting rights for Indian citizens, who are settled in abroad was provided during the regime of Rajiv Gandhi,  in the present time, the Indian government has launched "Know India Program" in 2016 for India's diaspora engagement. During present time the major challenges before India's diaspora are Citizenship, the majority of india's diaspora want to retain their Indian citizenship. The other India's diaspora challenge is consular issues demands for illegal gratification and ill treatment by customs and immigration officials. Cultural threat is also a India's diaspora challenge, that are deeply conscious of their rich cultural heritage and to maintain their cultural identity. Another India's diaspora challenge is racial attacks. The recent incidents of racial violence in Australia and Europe is a major concern for Indian diaspora. India's diaspora is the second largest diaspora in the world. The Global Migration Report 2020 has reported that, India is the largest country of international migrants with a 17.5 million strong diaspora across the world. India's diaspora provides the highest remittance of $78.6 billion, which is amounting to 3.4% of India's GDP.