FM Sitharaman may focus on policy push to strengthen India's supply chain prowess in Union Budget
India looks forward to being a prominent player in the global supply chain, Finance Minister Nirmala Sitharaman who will be presenting the Budget for record-seventh time, may have to look at introducing a host of measures to strengthen the manufacturing sector and an improvement in the delivery routes.
“With the help of policies, India must increase its share in global manufacturing chains,” Finance Minister Sitharaman said recently, adding that India needs to have greater sophistication in product manufacturing, and the government needs to see how best this can be given policy support.
«I also want to underline, much against the advice given by some economists who say India should no longer be looking at manufacturing or ramping up manufacturing, that the country must also increase, with the help of policies, its (manufacturing) share in the global value chains,» she said.
The Make in India initiative, Industrial Corridor Development Program, Production Linked Incentives (PLI), India Semiconductor Mission and National Logistics Policy are the few policies and initiatives that are helping India to reach the target of being part of the global supply chain. India has launched several initiatives to attract investments to the country, presenting itself as an alternative manufacturing destination to companies seeking a China+1 supply chain shift.
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