Continuation Of Financial Support To Industry

Continuation of financial support to industry, many more sectors may get incentives.

The government said there will be continuation of financial support to the industry to make India a manufacturing hub.

The Ministry of Commerce and Industry is considering giving incentives and other support to some more sectors. Identification of these sectors is going on from the Ministry.

The government may also change several regulatory regulations to make manufacturing easier in these sectors with incentives.

Recently, the government has announced to provide Production Linked Incentive (PLI) to 10 industrial sectors.

According to the Ministry of Commerce and Industry, a manufacturing ecosystem of 20 lakh crore will be created with a PLI of 2 lakh crore.

Under this, 3 crore people are estimated to get jobs directly and indirectly.

According to ministry sources, 24 sectors have been selected under Manufacturing in the Self-Reliant India Campaign, which will be given priority.

PLI has been announced for 10 sectors, the method of giving incentives to the rest of the sector is being considered.

The Ministry of Commerce and Industry along with industrial organizations is also identifying sectors in which India can easily compete in the world market and whose production costs are lower than in other countries.

According to the ministry, the quality and productivity of goods are also being taken care of to encourage manufacturing.

Every industrial sector is being asked to focus on the quality of its product.

According to the ministry, next month, every sector will have to celebrate one day as a commitment day for the quality of its product.

To make the process of starting a manufacturing unit absolutely easy, the ministry is also preparing a single-window system, which can be started in the next financial year.

FTAs from developed countries

The Ministry of Commerce and Industry is focusing on entering into Free Trade Agreements (FTAs) with developed countries that need a large market like India and which in turn is ready to provide high-tech products to India.

Those countries also look forward to opening their market doors for special products of India.