Indian Government to Implement Development Schemes and Incentives to Boost Manufacturing

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Government will soon come out with new stimulus packages to boost manufacturing in the country, a senior official of the Finance Ministry said on Thursday.

This would be in addition to Rs 20 lakh crore economic package announced by the government recently to help different sectors of the economy, tide over the crisis due to the outbreak of COVID-19.

According to Tarun Bajaj, Secretary, Department of Economic Affairs (DEA), government is working on offering incentives to various sectors to boost manufacturing in the country.

“The government is working on financial packages for various sectors to deal with the fallout of the coronavirus pandemic that has impacted the economy,” he said.

Addressing a Special Session of Annual Capital Market Conference ‘CAPAM 2020’ organized by FICCI, Bajaj said that the country can expect to see a V-shaped recovery post coronavirus crisis.

“The economic slowdown exacerbated by COVID-19 has caused India’s economic revival to depend on agriculture much more than before. The growth of the agriculture sector will impact the manufacturing and FMCG sector as well,” he said adding, “We are working with various departments like power, roads, rails, and shipping to speed up the process of privatization and get more funds for infrastructure development.”

Speaking on the bond market, Bajaj said, “Attempts are to strengthen it and steps have been taken to include bonds in global indicators by opening up full access to foreign investors in select government securities.”

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Arushi Sana is the Founder of Santerra Living and Co-Founder of NYK Daily. She was awarded the Times Power Women of the Year 2022 and Times Digital Entrepreneur of the Year 2023. Arushi is also a Sustainability Consultant for organisations looking to reduce their carbon footprint and also works with brands on social media to help them carve a presence in that niche. She holds a Degree in Computer Science Engineering from VIT University and a Diploma in Marketing Analytics from IIM Nagpur. Her interest in Sustainable Living and Interior Design led her to start a Sustainable e-Marketplace where customers can buy eco-furniture and eco-friendly products for everyday use. Arushi is a writer, political researcher, a social worker, a farmer and a singer with an interest in languages. Travel and nature are the biggest spiritual getaways for her, and she aims to develop a global community of knowledge and journalism par excellence through this News Platform.

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