- 12 hrs ago Top Bike News Of The Week: Important Highlights In Two-Wheeler Segment From Previous Week
- 13 hrs ago 2021 Jeep Compass Facelift Spied Testing Ahead Of Launch: Spy Pics & Details
- 14 hrs ago Made-in-India Renault Kwid Scores 2 Stars Global NCAP Safety Rating In Africa
- 17 hrs ago All-New Suzuki Burgman Street Electric Scooter Spied Testing Yet Again: Spy Pics & Details
- Technology Xiaomi Mi 11 Concept Render Hits The Web: Triple Rear Cameras And More
- Movies Bigg Boss 14 Weekend Ka Vaar December 5 Highlights: Nikki Tamboli Gets Eliminated From The House In Mid-Season Finale
- News Opposition parties extend support to Bharat Bandh by farmer unions; Protests in several states
- Sports Marc Marquez facing further treatment after infection in fracture
- Education DU 7th Cut-off 2020 Released, Check Stream-wise Cut-off At du.ac.in
- Lifestyle Congratulatory Messages, Wishes & Quotes To Share On The Birth Of A Baby Boy
- Finance Income Tax Benefits To Very Senior Citizens: Know Them
- Travel 10 Best Places To Visit In Madhya Pradesh In December
Maharashtra government has announced that the Chiese projects that were recently undertaken have been put on hold. The decision has been made by the government in the wake of the current tension running between both nations.
Out of the 12 agreements signed by various companies with the government, three of them belonged to Chinese based companies. The proposed investments constitute a total of over Rs 5,000 crore.
Subhash Desai, Industry Minister, said, "The decision has been taken in consultation with the Union government. These were signed prior (to the killing of 20 Indian soldiers on the Indo-China border). The ministry of external affairs has advised not to sign any further agreements with Chinese companies."
The three agreements that are being put on hold include one of them signed by GWM automotive manufactures to set up a manufacturing plant in Talegaon near Pune. The company has announced earlier that it has signed an MoU agreement with the Maharashtra government worth Rs 3,770 crore to being production operations in the country.
The company had also showcased a whole host of vehicles at the 2020 Auto Expo ahead of its launch in the Indian market. It ranged from SUVs, to affordable electric-cars, to upcoming concept specifically tailored to meet the demands of India customers. Also, showcases at the event were a range of SUVs from the brand's Haval product line-up.
Another company that signed the agreement was PMI Electro Mobility, who is in a joint venture with Foton (China). The partnership announced that a sum of Rs 1,000 crore investment, that will be made to set up a manufacturing unit. It also said that with the new unit setting up it would create around 1,500 jobs in the country.
The third company that was listed on the singed MoUs under the ‘Magnetic Maharashtra 2.0' initiative was Hengli Engineering. It announced a commitment of Rs 250 crore investment as part of its phase II expansion at Talegaon, and claimed that the new project will generate 150 jobs.
The Magnetic Maharashtra 2.0 initiative was an attempt by the government to boost the economy during the post-COVID-times. Apart from the above three companies, the other nine agreements were signed by brands based out of Singapore, United States, and several Indian companies as well. The government confirmed that these nine agreements are being processed.
Thoughts About The GWM & Other Chinese Projects Worth Rs 5,000 Put On Hold By Maharastra Government
The situation between both nations is currently not looking good. The recent clash with both nation's army has resulted in India losing soldiers. As a result, the Shiv Sena Chief, Uddhav Thackeray stated that we will support the decision taken by our Prime Minister during these time times. This could result in further delays with Chinese automotive brands who have planned to enter the Indian market.