With the majority of manufacturing technologies in India being imported and lacking in essential know-how, Zoho, a large technology company, is setting up a business to focus on research and development in the sector in Kongu region. in Tamil Nadu, an official said.
There was a need to replace imports and develop high-end technology regionally for the benefit of the manufacturing sector, Sridhar Vembu, co-founder and CEO of Zoho, told reporters.
Stating that the manufacturing sector, such as textiles, motors and pumps, battery for electric vehicles and machine tools, imported machinery and technology, Sridhar said Zoho would form a business and invest 50-100 crore. of rupees, with a corresponding investment from local industries. in eight sectors.
By developing the essential know-how and import substitution for all industries, not only the region, eight districts of western Tamil Nadu, will become a high-wage economy, but also the whole state, has he said.
The company would be established in three months and start the R & D work by setting up a laboratory and identifying the problem that industries are facing, so that the research work can be started, he said.
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The government should also clarify the validity of the low tax regime that was introduced in September 2019, in addition to working on a stable direct and indirect tax regime, he said.
“At the moment it is (inflation) a worrying factor but I don’t think this phenomenon will last long,” Dammu Ravi, Foreign Ministry secretary for economic relations, said at a virtual event. of the Public Affairs Forum. of India (PAFI).
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