Modi Brings Another Bouquet Of Incentives For Domestic Industry Growth
Under the longest stint of leadership that India could enjoy, Narendra Modi is gearing India up for some new developments towards his dream to move the country to a self reliant mode.
There are indications for announcement of big ticket infrastructure projects and policy changes that will buttress the growth of local industry giving it an edge over others towards being more competitive. This will be a part of Modi’s efforts to rebuild the economy in the wake of the coronavirus pandemic.
Moving away from dependency on Chinese imports, the economy is gradually moving towards self reliant industrial knowhow. Additionally, there are plans to attract more and diverse foreign direct investment as well. There are also plans to reorient tax administration according to government sources. The measures could be announced just before August 15.
This move, official sources have indicted will make industry more competitive and comes as a part of the Atmanirbhar Bharat Abhiyan, or self reliance campaign. This latest package will follow the Pradhan Mantri Garib Kalyan Yojana and Atmanirbhar Bharat revival programmes that were announced earlier.
Like in the west, streamlining the taxation process is an important part of the policy revamping stage as of now. This will include, proposals being firmed up for a more digitally focussed tax administration, the enshrining of taxpayers’ rights. It will also focus on frontloading defence purchases and expediting spending on key infrastructure projects that will have to be completed within a deadline. The thrust of the proposals on manufacturing side is to enhance domestic industry’s competitiveness while making it easier and more attractive for foreign manufacturers to set up operations in the country.