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PROTECTION FROM IMPORTS TIME BOUND

Focus: GS-III Indian Economy

Why in news?

Any tariff protection to promote local manufacturing in India will come with an in-built sunset clause, NITI Aayog Vice-Chairman said, asserting that the country’s self-reliance mission must not be equated to it becoming a ‘protectionist’, closed economy.

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Details

  • The government is set to extend the production-linked incentive scheme for manufacturing pharmaceuticals, medical devices and electronics announced under the AtmaNirbhar Bharat package, to six more sectors.
  • The NITI Aayog Vice-Chairman emphasised that India’s efforts towards self-reliance are not dissimilar to what other nations are doing to insulate themselves from global supply chain shocks and revive the economy.
  • India has recently barred the import of several products, ranging from split air-conditioners to certain types of television sets and tyres, while imposing higher import duties or restrictions on import of several items.
  • COVID-19 has exposed how many countries had paid little attention to social sector spending on health, education and nutrition.

-Source: The Hindu

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October 2022
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