Manufacturing industry is expected to get a big push in the Union Budget 2021-22 as the country focuses on ways to reverse the Covid-19 induced economic slowdown. The mantra of the Budget could be drawn up around the Atmanirbhar Bharat scheme, with specific push for migrant labourers- importance of this segment which has been highlighted only with the onset of the pandemic, sources said.
Besides, manufacturing, other sectors including healthcare, agriculture, infrastructure and housing would also be the focus in the coming Budget, to be announced in less than 35 days by Finance Minister Nirmala Sitharaman. Sources
said that the Production-Linked Incentive (PLI) scheme to boost manufacturing will get a further push to attract investments, both foreign and domestic, while the Narendra Modi government is set to position India as the hub for vaccine development, especially in the wake of the pandemic.
PLI scheme for 10 labour intensive sectors including pharmaceuticals, telecom, automobiles and auto components, textile, food products among others have already been approved the Cabinet. These sectors are expected to generate employment while making the Indian manufacturers globally competitive. The PLI scheme is aimed at attracting investments and creating economies of scale. The scheme is also expected to enhance exports and make India an integral part of the global supply chain at a time when India is trying to woo investors looking to set up manufacturing hubs outside China.
