This is like the whole killing the golden goose. India: please come in China and transfer your tech to us. Oh, and in the meantime, I'll harass all your companies like a pervert.
India runs its economy like a gangster. This gangster-treatment of Chinese companies is nothing new. India has been doing this to other foreign MNCs too for over many years.
India is already starting to pay the price:
Foreign companies may be losing interest in India.
While more of them have registered in the country—up 11.4% since 2017—
fewer are active compared to then,
today (Aug. 12). The newspaper cited the corporate affairs ministry’s data
Between
2014 and November 2021, up to
left India, commerce and industry minister Piyush Goyal told parliament late last year. These include Metro AG, Holcim, Ford, Royal Bank of Scotland,
, Harley-Davidson, among others.
Karma is a b**ch. When you are not the no.1 economy in the world, what gives you the right to play gangster with foreign MNCs?
“India’s struggle has been its inability to simplify regulations.
Complex framework causes confusion and proves to be tedious for investors.
However, simplification leads to exploitation and tax leakage. India needs to find a healthy balance that will be attractive to MNCs,” Neeraj Agarwala, a partner with Nangia Andersen, told the
.
Idiots. Continue debating what policies you want to implement while India hemorrhages more MNCs. This dilemma was easily settled in China, Singapore, Vietnam, Indonesia, and Bangladesh.
Another funny article about foreign MNCs working with India:
In an opinion piece published by The Hill, Washington-based Hudson Institute directors Hussain Haqqani and Aparna Pande have posited that the Joe Biden administration “must be alarmed” by the decisions of several foreign corporations to either pull out of the Indian market or put their long-term plans on hold. This assumes significance, particularly, because for years the US has hoped to enable India’s rise “as a way of checking China’s growing power,” they wrote.
This is typical of Indian thinking. When US companies are leaving India, somehow it must be the US who must be worried. Why is it the US's fault that India sucks as an alternative to China?
The retrospective tax law had an impact on corporations such as UK telecom giant Vodafone Plc, energy company Cairn Energy Plc, pharmaceuticals company Sanofi and brewer SABMiller, now owned by AB InBev.
French spirits group Pernod Ricard, in a letter to the Prime Minister’s Office, has noted that three-decade old tax disputes with authorities on valuing liquor imports has inhibited fresh investment and its current business.
Retroactive tax is just plain robbery. This is gangster-level stuff.
Indian BJP government:
"Jai French wines! Oh BTW Pernod Ricard, you need to pay us 30 years worth of tax that we 'forgot' to tax you during all those years you were in India. Sucks to be you. JH!"
The sale of Swiss cement-maker Holcim’s India assets to the Adani Group was also preceded by fines amounting to over Rs 2,300 crore by the Competition Commission of India (CCI) on Holcim’s India companies — ACC and Ambuja Cements. The fines will be paid by the new owner.
India fines Holcim $280+million for god-knows-what. When they surrender their assets in India, Adani magically comes in and swoops them up. It you think it looks much worse than Castro nationalizing privately-owned plantations in Cuba, it is. At least Castro was doing it for the common people in Cuba. This is Adani gangster-style appropriation of foreign MNC assets for himself.
Further, in May, Ford, which had already announced that it will stop selling its cars in India, retracted its plans to manufacture and export electric vehicles from India — a plan it had announced only a few months earlier.
Ford, a classic American automotive brand can't stand 'democratic' India! Not only are there no more Ford cars available in India. There are no more plans for 'Make in India' Fords. JH!
In a 2021 report on India’s investment climate, the US State Department noted that India remained a challenging place to do business. “New protectionist measures, including increased tariffs, procurement rules that limit competitive choices, sanitary and phytosanitary measures not based on science, and Indian-specific standards not aligned with international standards, effectively closed off producers from global supply chains and restricted the expansion in bilateral trade,” the report said.
LOL! For once I totally agree with the US State Department.
-"sanitary and phytosanitary measures not based on science"
-"Indian-specific standards not aligned with international standards"
Are these comments really from the US State Department? LOL!