German Shoe Brand Von Wellx Shifts Production To India From China; 10,000 Jobs Will Be Created!
Prime Minister Narendra Modi has been holding meetings to attract foreign firms and help the Indian economy amid the COVID-19 crisis.
As per recent ANI reports, German footwear brand Von Wellx has decided to shift its manufacturing base from China to India.
The development comes days after Prime Minister Narendra Modi called for self-reliant India amid COVID-19 that has ‘brought an opportunity’ for the country, he said as he announced the Rs 20-lakh-crore economic package.
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The Beginning of a Revolution?
Von Wellx makes orthopaedic footwear to provide comfort in heel pain, swollen feet, knees and back pain, and correct posture. The brand is available in more than 80 countries with more than 100 million customers. The German company swooped into India in 2019 and is available across more than 500 retail locations as well as online.
The company owned by Casa Everz Gmbh, will begin manufacturing at Agra in Uttar Pradesh in partnership with Iatric Industries Pvt Ltd.
Uttar Pradesh Micro, Small and Medium Enterprises’ (MSME) Minister Uday Bahan Singh said, “We are very happy to see that investment from Casa Everz Gmbh, which will be giving employment to so many people, is coming to India from China and especially to Uttar Pradesh.”
As per PTI reports, according to the US-India Strategic and Partnership Forum (USISPF), around 200 US businesses are looking to exit China and enter India after the general elections.The forum’s president Mukesh Aghi said that the businesses are talking to them about how to establish China’s alternative by investing in India.
How Will This Benefit Indian Economy?
Prime Minister Narendra Modi held a meeting last month discussing a strategy to attract foreign direct investments from companies seeking an exit from China due to restrictions imposed by Beijing and tensions with world leaders over the country’s alleged mishandling of the COVID-19 pandemic. This move to attract foreign companies is starting to bear fruits.
The collaboration will help create over 10,000 direct and indirect jobs, Ashish Jain, Director and CEO of Iatric Industries.
In a CNN-News18 exclusive interview with Minister of Road and Transport, Nitin Gadkari, had said that as the world is looking away from China, it is a blessing in disguise for India. He added, “This is the time for India to get into joint ventures with foreign companies.”
On May 12, In his speech, PM Modi had said, “This vision of India turning (Covid) crisis into opportunity is going to prove equally effective for our resolve of a self-reliant India.”