Building aircraft, ships, rail equipment to get policy boost
₹5,000 crore may be offered for developing the ecosystem for building inland vessels in the country to support movement of cargo on national waterways. Capital support may also be considered for producers of sea bound vessels at a later stage. At present 14 PLI schemes with an outlay of ₹ 1.97 trillion are under implementation for five years from FY22.
To plug into global supply chains and to stimulate local production, India is exploring free trade agreements (FTAs) with several countries. Finalizing the India-UK FTA is a priority for the government after the polls. An India-Oman FTA is also expected to be signed after the polls.
New Delhi is aiming to conclude most of the chapters of trade pacts with Sri Lanka, Peru, South Korea, ASEAN Trade in Goods Agreement (ATIGA), as well as a comprehensive economic cooperation agreement (CECA) with Australia soon after the elections. In the last four years, India has signed FTAs with Mauritius, the UAE, Australia, and the EFTA countries (Switzerland, Norway, Iceland, and Liechtenstein) in fast-track mode. The eighth round of negotiations with the European Union for an FTA is likely to kickstart in May or early June.
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