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India plans to offer incentives to firms moving out of China amid trade war

India is weighing offering incentives to attract companies moving out of China amid its with the US, a person familiar with the development said.

Financial incentives such as preferential tax rates and the tax holiday provided by Vietnam to lure companies are among measures being considered, the person said, asking not to be identified as the discussion is still private. Industries identified for incentives include electronics, consumer appliances , electric vehicles, footwear and toys, according to a trade ministry document seen by Bloomberg.

Economies, including Vietnam and Malaysia, have benefited from businesses trying to sidestep tariffs, while India has largely missed out on any investment gains. The trade ministry’s effort is part of a larger plan to cut reliance on imports, while boosting exports, and needs Finance Minister Nirmala Sitharaman’s approval.

The trade ministry didn’t immediately respond to an email and a call seeking comment.

Other measures include setting up affordable industrial zones across India’s coastline and giving preference to local manufacturers in government procurement as an incentive to win over companies looking for an alternative production base, according to the trade ministry document circulated to stakeholders.

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