WALK THE TALK!
Union Budget 2022, the 10th budget presented by PM Narendra
Modi's government was anticipated to be a 'Growth
Budget'. While Digital India remained the Budget booster,
'Make in India' was given a focus for some sectors,
specifically the capital goods sector.
The other changes were thematic.
SMASHERS
While there were not many ground breaking announcements for the
Make in India objective, some of them did keep the intent of
'Make in India' intact.
TARIFF RATIONALIZATION: Tariff rate rationalizations including
removal of exemptions for items manufactured in India, extended
concessional duty benefits on raw material used for manufacturing
end products in India (eg. electronics), would go a long way
towards 'Make in India'. Phasing out of concessional duty
benefits on capital goods would also help provide the much-needed
impetus to the domestic capital goods industry.
