Image for representational purpose only. , Photo credit: The Hindu
Around 1,333 multi-national companies (MNCs) have closed down in the country, but over 4,900 new ones have come up, opening up new avenues and job opportunities, Parliament was informed on February 10.
Responding during Question Hour in Rajya Sabha, Minister of State for Commerce and Industry Som Prakash said that it is normal to see closure of some MNCs and emergence of new ones.
He said that a total of 1,333 multinational companies have closed down in the country, of which 313 are foreign and 1,017 are their subsidiaries.
Mr Prakash said, “I am happy to inform that in comparison to this (one closure) 4,906 new multinational companies have been opened. This will open new avenues and provide job opportunities.”
The minister, however, did not share the time period during which MNCs remained closed and new ones were opened.