Manufacturing and Industry

30 JAN,2022 | MEDC


 

Industry captains believe that India has the potential to become a global manufacturing hub, and as per data, it is possible for it to add $ 500 billion annually to the global economy by 2030. In order to pluck the low hanging fruit, it is recommended that the government capex allocation should focus on projects which are more than 80% complete. This would mean that the benefits of these projects would start accruing faster, thus aiding the process of economic recovery. Industry is also awaiting rationalization and simplification of taxation within the given fiscal space. The eagerly sought tax relief would boost consumer sentiments and keep demand higher. Also, to trigger further consumption, there is a need to push for labour-intensive industries like infrastructure, housing, and food processing. The focus of manufacturing is on reshoring the production processes, and re-establishing markets with faster deliveries.

*Photo Credit: Google

 

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