Modi Government's 'big planning' to increase exports and employment
Modi Government tightens up for the success of the 'Aatma Nirbhar Bharat' scheme
SEP 22 (SEP) - The prolonged lockdown and the subsequent conditions during the Coronavirus infection epidemic have caused great damage to the Indian Economy. The loss of the country's economy due to the lockdown can be gauged from the fact that in the first quarter of the current financial year, the GDP has recorded a decline of 23.9%. At the same time, millions of people had to face unemployment due to the closure of mills and factories during the lockdown.
But in the midst of all this, Prime Minister Narendra Modi has a constant endeavor to make the country self-sufficient in the economic sector so that India's dependence on imports can be reduced, and more people can get employment in the country. In this context, the Modi Government is making big preparations to promote its ambitious plan 'Aatma Nirbhar Bharat'.
According to the information received from media, in order to increase production in 24 sectors, including toys, sports goods, automobiles, and textiles, special incentives may soon be announced by the Modi Government in another relief package. It is believed that this will boost domestic production in these sectors, reduce dependence on imports, and increase employment opportunities.
However, the Modi Government was earlier choosing a dozen sectors for the special incentives, but in the meeting held in the PMO, it was decided to increase the scope to 24 sectors. At the same time, according to the information, the government will give incentives to all these sectors in different ways so that domestic production can be increased. At the same time, the Modi Government wants that the companies making pharma, steel, food processing, specialty chemicals, furniture, plastics, and solar products are preferred so that India can export more of these items.
According to the information, the companies of these sectors will be promoted in 3 ways. First of all, some companies will be assisted through PLI (Production Linked Intensive). Explain that the PLI will be for those sectors where cash incentives can be given to increase production. It is believed that cash incentives can be given on the basis of increasing annual production.
According to the information, the second incentives can be given under the PMP (Phase Manufacturing Plan). Under this new plan, the Modi Government will reduce imports gradually. And to do so, import duty will be increased in installments. Explain that the Government of India can increase the import duty by imposing quality control, such as the non-tariff barrier.
At the same time, let you know that by misusing the FTA (Free Trade Agreement), cheap items are being imported into India, and the Modi Government wants that this can be stopped. If this happens, it will make imports expensive, and the demand for manufactured goods in the country will increase. Well, now, it has to be seen how the Modi Government's ambitious scheme like 'Aatma Nirbhar Bharat' gets success. By the way, if Prime Minister Modi gets success in increasing exports and employment, it will be a huge achievement in itself.