Updated: Jun 22
India will fire on all cylinders to achieve Atma Nirbharta (self-reliance) and will provide tax sops, procurement preference in government contracts for domestically created products whereas imposing tight non-tariff barriers to discourage imports.
Measures for sectors like prescription drugs, furnishings, and animal skin area unit focussed and states may be asked to revamp their procurement processes to like native production. Prime Minister Narendra Modi mentioned on Tuesday that the Covid-19 crisis has instructed North American countries the importance of native producing, native market, and native offer chains. “All our demands throughout the crisis were met domestically".
Now, it's time to be vocal concerning the native products and facilitate these native products to become the world, he said. The government can scrutinize areas wherever it's capability, however, continues to import, officers aforementioned.
With a modern maritime administration, continuous supply of trained seafarers, ship management skills already available, ship owners worldwide are invited to now flag their ships in India to take advantage of the Make in India policy in respect of transportation of government cargoes. Shipping Minister Mansukh Mandaviya has reviewed the readiness of Indian shipping for implementation of the government's Cargo Transportation Policy, the statement said.
The commerce and business ministry have known medical textiles, physics, plastics, and toys as some sectors where native producing and exports may be promoted within the next 3 months, or section one, whereas section 2 products embrace gems and jewelry, drug company and steel, within the next six months.
According to the official, the coming measures might embrace tax incentives and alternative support measures to create native producing additional competition globally. “Support measures also are probably to assist native makers to build brands globally,” the official said.
“Swadeshi focus wasn't simply associate degree philosophical construct conferred. it's a significant thought that might be followed up with concrete steps,” aforementioned another government official. Sharad Kumar Saraf, president of the Federation of Indian Export Organisations, noted that increasing localization could be a fallout of Covid-19 across the world, however, this may create market access for exports harder.
THE ECONOMIC TIMES
Image Courtesy :