By Kishan Jain,
In 2020, the manufacturing sector faced several challenges due to the pandemic and ensuing lockdown. To help overcome the obstacles, Prime Minister Narendra Modi gave it a fresh impetus by making it the centre of the Government’s Atmanirbhar Bharat initiative.
The government introduced the production linked incentive (PLI) Scheme in November 2020 to help open up opportunities for domestic and global electronic businesses to increase their manufacturing capabilities.
Even though such steps have been taken to counter the obstacles faced in 2020, there is a requirement in terms of providing further incentives to industry especially when it comes to manufacturing companies, in the forthcoming Union Budget 2021.
The Government can focus on attracting foreign investment, adopting cutting-edge technology, and enhance exports in order to make India a global manufacturing hub, through its ‘Atmanirbhar Bharat’ and ‘Make in India; initiatives.
This in turn will boost employment opportunities for citizens which is the need of the hour in a post-pandemic world. We look forward to policies that will leave more money in the hands of consumers as it will help boost demand in the economy.”
(The author is the Director of Goldmedal Electricals)