More sectors to receive production incentives, says NITI CEO Aayog
The US Express News
, Oct 31, 2020
The government will provide incentives for manufacturing in more sectors, but the tariff protections offered to encourage domestic producers will only be for a limited period, said Rajiv Kumar, Vice President of federal policy think tank NITI Aayog.
He said measures intended to support economic recovery will be made in compliance with international rules, addressing fears that nations are turning more inward as they nurture the deep wounds left by the pandemic.
“If any support is given to local companies, it will be aimed at gaining global competitive capacity, and any support given to them through tariffs will have an integrated sunset clause. “I want to emphasize India’s commitment to an open order and a global economy,” he said.
Policymakers are currently focusing on improving self-sufficiency in many areas of the economy. This is being done while the Indian economy stays open and respects a “multilateral order-bound order” and “this does not mean, in any sense, any form of isolation, closed economy or protectionism,” Kumar said.
He was speaking at a virtual conference on ‘achieving sustainable growth in a turbulent and disruptive global market’ organized by the Asia-Pacific Confederation of Chambers of Commerce and Industry and the Federation of Indian Chambers of Commerce and Industry.
The idea, he said, is to encourage investors to deploy globally comparable capacities in scale and competition.
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