What policies are needed to make India a Manufacturing Hub

  • In March 2020, the Union Cabinet approved financial assistance to the Modified Electronics Manufacturing Clusters (EMC2.0) Scheme for the development of world-class infrastructure along with common facilities and amenities through Electronics Manufacturing Clusters (EMCs).
  • In February 2019, the Union Cabinet passed the National Policy on Electronics (NPE) which envisaged the creation of a $ 400 billion electronics manufacturing industry in the country.
  • The Government of India launched a phased manufacturing program (PMP) aimed at adding more smartphone components under the Make in India initiative thereby giving a push to the domestic manufacturing of mobile handsets.
  • More focus on expanding social infrastructure going forward and fields such as biotechnology and biochemistry would get a boost, while online content writers would be very much in demand.
  • The government’s top priority should continue to be the health of the people and to feed the masses.
  • Ensure continuously and enough liquidity both for the consumers and producers of goods and services
  • Retain lower interest rate regime, stay nimble and act quickly as and when a sector starts showing any stress
  • Special revival packages in the form of interest subvention, subsidy for repairing the impaired assets, reduction in taxes, including GST and other levies as hospitality, transport, airlines, and exports are being crushed by the health crisis, etc.

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