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.
- 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