What Indian economy desperately needs at this moment is massive foreign investment in the manufacturing sector so that thousands of jobs can be created for unskilled and semi skilled people. I am happy that Mitsubishi is planning to make India as a major producing hub for the company. Mitsubishi Chemical Corporation (MCC) today started a significant project in India. I am quoting from a report :
"With the unveiling of the Rs. 17 billion second facility at this port town of West Bengal, Mitsubishi Chemical Corporation (MCC) is set to make India a major production base for purified terephthalic acid (PTA) by April 2008.
'As part of the policy of expanding business in a growing market MCC has promoted its PTA business in Japan, South Korea, Indonesia and India.
'The expansion in India and construction of the 600,000 KT plant at China envisages the growing potential in those markets,' T. Niikuni, managing executive, MCC, said."
This move of Mitsubishi will surely make Indian government happy. Perhaps, the state government of West Bengal will feel happier. Indus surely needs more of this kind of project. I am sure the example of Mitsubishi will encourage other foreign companies too.
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