The Modi government is going to make some changes to promote Make in India so that the speed of imposing the manufacturing unit of foreign and Indian companies in India increases. According to sources, with the increase in the tax exemption limit in Make-in-India, it is preparing to import expensive, so that companies can make as many things as possible. For this, meetings with the Ministry of Finance and SEBI are in progress. Significantly, SEBI is now the regulator of the commodity market with the stock market. These changes will be announced soon.
According to sources, the government can give a huge concession in excise duty to the companies setting up the manufacturing unit in India. Apart from this, after importing the manufacturing unit, if the companies import raw materials, they will be exempted in import duty. The company that has the manufacturing unit in India and it has more than 100 workers working here, it will get tax exemption from purchasing goods from a company employed in a special economic zone. Apart from this, there is a proposal to create such rules that if production level of companies manufacturing units is increased in India then they will be given a special concession in income tax. Those companies which will focus on the skill development program for Indian workers after applying the manufacturing unit in India, will be given special incentives. The government wants Indian companies to focus on increasing their production. This will indirectly promote the concept of Make in India. That is why he is now going to fix the Minimum Import Price of many other items, including Aluminum and Steel. This would mean that companies will not be able to import them at a reduced price. In such a situation, importing for them will be expensive and they will consider increasing their production.
The US Manufacturers' Association has told the need to make major policy reforms for the success of Make in India. The association has said that in present time India has a good chance to establish itself in this sector. It is not that the Make In India campaign has not received the response. Cisco plans to invest $ 60 million for R&D projects in India. IPhone manufacturing company Foxconn is also planning to set up its plant in India.
Source - Navbharat Times
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According to sources, the government can give a huge concession in excise duty to the companies setting up the manufacturing unit in India. Apart from this, after importing the manufacturing unit, if the companies import raw materials, they will be exempted in import duty. The company that has the manufacturing unit in India and it has more than 100 workers working here, it will get tax exemption from purchasing goods from a company employed in a special economic zone. Apart from this, there is a proposal to create such rules that if production level of companies manufacturing units is increased in India then they will be given a special concession in income tax. Those companies which will focus on the skill development program for Indian workers after applying the manufacturing unit in India, will be given special incentives. The government wants Indian companies to focus on increasing their production. This will indirectly promote the concept of Make in India. That is why he is now going to fix the Minimum Import Price of many other items, including Aluminum and Steel. This would mean that companies will not be able to import them at a reduced price. In such a situation, importing for them will be expensive and they will consider increasing their production.
The US Manufacturers' Association has told the need to make major policy reforms for the success of Make in India. The association has said that in present time India has a good chance to establish itself in this sector. It is not that the Make In India campaign has not received the response. Cisco plans to invest $ 60 million for R&D projects in India. IPhone manufacturing company Foxconn is also planning to set up its plant in India.
Source - Navbharat Times
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