Several innovative initiatives such as “Make in India”, “Digital India”, and “Smart Cities” have provided the much required impetus to the Country’s growth and have helped in creating a positive spark in the tech industry. Digitization, in particular, has given a push to India’s technology industry, which is anticipated to grow at a rate of 4.95% between 2015 and 2019 annually, making it the fastest globally, to touch $85.3 billion by the end of 2019. If we talk about manufacturing, Government’s ‘Make in India’ initiative has renew the focus on manufacturing. The initiative is aggressively promoting India as one of the most preferred global manufacturing destination.
As we know that manufacturing sector plays an important role in India’s growth. Therefore, more favorable policies to provide further thrust to the sector is crucial at this stage to promote and sustain inclusive growth in the country. Additionally, there is a need to protect local manufacturers by providing attractive tax benefits and incentives. On the skill side, India has huge amount of manpower, we need to focus on training them in order to make them employable. This will not only help various industries, but will help the socio-economic development of the country. We are optimistic that this budget will address the concerns of the manufacturing industry and will help in accelerating industry growth.
@Technuter.com News Service