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More sectors to get production incentives, says NITI Aayog CEO 

News Headlines , Oct 31, 2020

The authorities will provide incentives for manufacturing in additional sectors, however tariff protections provided to encourage native producers will solely be for a restricted interval, stated Rajiv Kumar, vice chairman of federal coverage suppose tank NITI Aayog.

He stated the measures meant to assist financial restoration shall be performed respecting worldwide guidelines, addressing fears that nations are turning extra inward-looking as they nurse the deep wounds left by the pandemic.

“If any support is given to domestic enterprises, it will be targeted towards getting globally competitive capacities, and any support given to them through tariffs would have an in-built sunset clause. I want to emphasize on India’s commitment to an open order and a global economy,” he stated.

Policymakers are at the moment specializing in enhancing self-sufficiency in lots of areas of the economic system. This is being performed whereas the Indian economic system stays open and respects a “rule-bound multilateral order” and “it does not imply, in any sense, any form of isolation, closed economy or protectionism”, stated Kumar.

He was talking at a digital convention on ‘achieving sustainable growth in a turbulent and disruptive global market’ organized by the Confederation of Asia-Pacific Chambers of Commerce and Industry and the Federation of Indian Chambers of Commerce & Industry.

The thought, he stated, is to encourage buyers to put up globally comparable capacities in scale and competitiveness.

 

 

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