Modi government may offer incentives to Tesla, Glaxo: Report

To cash in on the ongoing US-China trade war, the Narendra Modi-led government is planning to invite as many as 324 companies, including Tesla and Glaxo, to set up factories, according to a report by Bloomberg.

The proposal is expected to help reduce roadblocks and incentivise companies to see India as an alternative to China. The move is expected to help India achieve its aim of becoming a $5 trillion economy by 2025.

Among the list of companies as per the draft document prepared by the Department for Promotion of Industry and Internal Trade (DPIIT), some of the big names include Tesla Inc, GlaxoSmithKline Plc, Eli Lilly & Co, South Korea's Hanwha Chemical Corporation and Taiwan's Hon Hai Precision Industry Co.

Under the proposal, the government is looking at making land available for manufacturers, thereby aiding them in setting up factories. This would be done in addition to providing them with power, water and access to roads, the report said.