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General Motors will invest $1 billion in India to boost exports

On Wednesday, General Motors Co said that it will invest $1 billion over the next few years for turning India into a global export hub.

The company has cut its production capacity in the country on account of sluggish demand.

“We need to have that kind of consolidation and rationalisation to make sure we are here for the long term, that we have a sustainable business,” CEO Mary Barra said.

The car maker has the capacity to produce more than 280,000 cars a year and it will reduce this to 220,000 a year by 2025 as it stops making cars at one plant and modestly raises the capacity at its second plant in the country.

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