MUMBAI, India -- Indiaâ€™s automotive policies of the 1990s required foreign carmakers doing business in the country to fulfill three conditions: To invest a minimum of $50 million in a manufacturing plant. To balance tax breaks on imports of plant and machinery, parts and components, and dividend payments balanced by export earnings. To reach local content of 50% by the third year and 70% by the fifth year. Imports were allowed into the country only after the auto maker signed a ...
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