Budget 2021-22 will enhance India’s growth in manufacturing, trade: Commerce Secretary

05 February 2021: Budget for 2021-22 envisages several initiatives and areas of focus, aimed at enhancing India’s overall competitiveness and manufacturing capacities, which would enable growth, diversification and technological enhancement of India’s exports, opines Dr. Anup Wadhawan, Commerce Secretary, Ministry of Commerce and Industry.

During an interaction with the media on the Budget 2021-22 initiatives, Dr. Anup said that one primary area of focus is the creation of a robust infrastructure, logistics and utilities environment for the manufacturing sector. Some of these measures include a scheme for Mega Investment Textiles Parks (MITRA), which will create world class infrastructure with plug and play facilities to enable the creation of global champions in the sector, benefitting from economies of scale and agglomeration. Seven Textile Parks will be established over 3 years.

Dr. Wadhawan said that this Budget also promotes ease of doing business through rationalization of procedures, easing of compliances and trade facilitation measures. The measures include certain changes in the provisions relating to ADD and CVD levies, mandatory filing of bills of entry before the end of day preceding the day of arrival of goods.