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04 MAY,2020 | MEDC
The pandemic situation has provided India a unique opportunity to promote its manufacturing sector globally. As more and more manufacturers look to shift their base from China, India’s policy initiatives and incentives could become an attraction. Of course, we first have to get our internal act together. Our taxation system needs further rationalization, and MSMEs must be supported to the extent possible. We need to work towards import substitution, since excess reliance on the supply chains of any one country or region will not do us any good, as Covid-19 clearly demonstrated. All ministries need to launch 24x7 helplines to resolve stakeholder queries speedily and accurately. Ministers need to personally monitor all decision making processes to ensure that no project gets mired in bureaucratic red-tape. China’s loss can become India’s gain, if we do our homework carefully.
*Photo Credit: Google
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