Exercise to reduce dependence on Chinese goods, investment of 1.25 lakh crore to increase domestic production
The government is considering an investment proposal of around Rs 1.25 lakh crore to reduce dependence on Chinese goods and increase production through indigenous industries. Government sources have given this information. According to sources, the government is considering proposals to invest $ 16-17 billion (about Rs 1.25 lakh crore) to boost domestic production of air conditioners, its components, furniture and leather products. The government’s preparations are to become self-sufficient by ending Chinese dependence on these goods at the earliest. To encourage domestic manufacturing, the government is also considering raising the import duty on these items.
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The government has been advised to increase the customs duty on essential goods used in AC to discourage imports from China. Along with this, steps are also being taken to reduce imports from Thailand.
PM Modi gave the hint
Recently in the annual session of CII, PM Narendra Modi indicated that the primary sectors generating employment under Make in India have been identified to promote manufacturing at the domestic level. Includes air conditioners, its components, furniture and leather products.
Commerce and Industry Minister is also preparing
Commerce and Industry Minister Piyush Goyal is also preparing to promote domestic manufacturing along with industry. Under this, manufacturing has to be increased through clusters across the country. In the economic package of more than 20 lakh crores, the Finance Minister had also emphasized to increase production through clusters and create employment opportunities.