Govt ready with incentives and development schemes to boost manufacturing in India: Secretary, DEA

The government is working on offering incentives to various sectors to boost manufacturing in the country, said Tarun Bajaj, Secretary, Department of Economic Affairs (DEA) Ministry of Finance.

Addressing a Special Session at the 17th Annual Capital Market Conference ‘CAPAM 2020’ organized by FICCI, Mr Bajaj said, “the government is working on financial packages for various sectors to deal with the fallout of the coronavirus pandemic that has impacted the economy.”

”The country can expect to see a V-shaped recovery post coronavirus crisis,” he added.

“The economic slowdown exacerbated by COVID-19 has caused India’s economic revival to depend on agriculture much more than before. The growth of the agriculture sector will impact the manufacturing and FMCG sector as well,” he said.

“We are working with various departments like power, roads, rails, and shipping to speed up the process of privatization and get more funds for infrastructure development,” he added.

Speaking on the bond market, Bajaj said, “attempts are to strengthen it and steps have been taken to include bonds in global indicators by opening up full access to foreign investors in select government securities.”