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MNC exits raise concern

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MNCs | Business Standard Editorial Comment | PLI scheme

Business Standard Editorial Comment  |  Mumbai 



From Cairn and Hutchison to Harley-Davidson, General Motors, Ford, Holcim, Citibank, Barclays, RBS, and now Metro Cash & Carry, the tally of global giants exiting India or downsizing operations has been growing steadily. In December last year, Commerce and Industry Minister Piyush Goyal told Parliament 2,783 foreign companies with registered offices or subsidiaries in India closed down operations in India between 2014 and November 2021. This is a high number, given that there are just 12,458 active foreign subsidiaries operating in India, according to Mr Goyal’s reply. Each corporation has offered specific reasons for its exit, such as an inability to crack the market (GM, Ford), a strategic shift to green businesses (Holcim), and internal restructuring (Citi). But several have also quit on account of regulatory uncertainties (Cairn, Metro, after 19 years) or high tariff barriers (Harley).

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First Published: Thu, May 26 2022. 22:43 IST

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