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In the year 2022, Ford decided to shut down its business in India. It said that it had lost more than $2 billion in the last 10 years. Similarly, companies like General Motors and Harley Davidson had also left India. Carrefour also closed all its stores in 2014.
The reason behind leaving India
There were many reasons behind the departure of these companies. They faced tough competition and a drop in demand due to Covid-19. This caused a lot of problems in their business.
Ready to come to India after the change
But now in 2024, everything has changed, the companies that had left India are now eager to invest again.
The return of Ford
Ford recently announced that they will resume business in India. They will resume production in Chennai, Tamil Nadu.
Harley Davidson's new move
Harley Davidson decided to return to India last year. It formed a new venture with Indian company Hero MotoCorp.
Activism of other companies
Chinese fashion company 'Shen' has also entered India in partnership with Reliance Retail. Apart from this, Carrefour also plans to return to India.
Attractions of India
Experts say that India's large consumer market and rapid economic growth are attracting foreign investors. Companies are now coming back due to reforms and development strategies in India.
Tech companies
America's Apple and South Korea's Samsung have also set up their plants in India. Earlier these companies were in China, now they want to take advantage of India's growing consumption and economy.
Thus, foreign companies are returning due to India's rapidly growing market and reforms. This change is a positive sign for the Indian economy.
