New Delhi [India], July 4 : The government is set to streamline visa norms for professionals from foreign countries, including China, working in non-Production Linked Incentive (PLI) sectors.
This initiative, part of a broader agenda to foster international trade and economic cooperation, was unveiled by Rajesh Kumar Singh, Secretary of the Department of Promotion of Industry and Internal Trade (DPIIT).
Singh said, "Plans are underway to extend streamlining of visas to non-PLI beneficiaries from foreign countries, including China, who are operating in the same centres as beneficiaries."
Currently, the Indian government is focused on easing visa regulations for Chinese professionals in PLI sectors, a move that underscores the country's commitment to improving bilateral trade relations.
However, Secretary Singh highlighted that the government plans to extend these streamlined visa procedures to include foreign professionals operating in non-PLI sectors as well.
This decision is expected to benefit foreign nationals working alongside PLI beneficiaries in key industrial hubs.
The streamlined visa norms are designed to ensure that bureaucratic hurdles do not impede the inflow of talent essential for driving growth across various sectors.
In addition to visa reforms, the DPIIT Secretary revealed that the government is committed to addressing tariff barriers that hinder the import of essential electronic components.
A case-by-case approach will be adopted to remove these barriers, which are seen as critical to ensuring the competitiveness of India's electronics industry.
Singh also emphasized the need to phase out duty inversion, a situation where finished products attract lower taxes compared to raw materials.
On the subject of Tesla's entry into the Indian market, Singh disclosed that while the company had shown interest earlier, it has yet to make a fresh inquiry following the cancellation of Elon Musk's planned visit earlier this year.
The Ministry of Heavy Industries is currently evaluating requests from multiple stakeholders, including Tesla, as it works on finalizing guidelines for the sector.
Regarding the much-anticipated e-commerce policy, Singh noted that while the policy is in the pipeline, there is no definitive timeline for its release.
The government is also exploring the liberalization of the Foreign Direct Investment (FDI) regime across several sectors.
This move, currently in the internal stages of consideration, is expected to attract more foreign investment and drive economic growth.
Singh pointed out that FDI from countries sharing land borders with India constitutes less than 1 per cent of the total FDI inflow, highlighting the need for broader reforms.
The government is contemplating a change in the base year for the Wholesale Price Index (WPI) to better reflect current economic realities.
Considering the potential change in the base year for the Wholesale Price Index (WPI), the Secretary mentioned that an update is likely.
However, he noted that studies from other countries suggest using different base years for various types of indices.
The proposed changes to the WPI are part of a broader initiative to update the Producer Price Index (PPI) model, which has already been reviewed by the Ministry of Statistics and Programme Implementation (MoSPI) and presented to the International Monetary Fund (IMF). The final decision rests with the National Statistical Commission (NSC).