Page 24 - NIS English 16-28 Feb 2022

Union Budget | Industry-Manufacturing

PROMOTING MAKE IN INDIA

WITH AN EYE ON FUTURE

Import duties of many items related to electronics,
gems-jewelry, chemicals were cut, so as to encourage
the manufacture of goods related to them at the
domestic level.
It has been decided to include data centers, energy
storage in the infrastructure areas. Customs
administration of SEZs will also be reformed.

Indigenous manufacturing of defense products
will be encouraged. With an eye on the future, the
government will contribute to development and
research in industries such as artificial intelligence,
semiconductor, space economy, drone technology,
and green energy.

Special provisions have been made to achieve the
target of 280 GW of installed solar power by 2030.
Under this, an additional allocation of Rs 19,500 crore
has been made for production-linked incentives for
manufacturing high-efficiency solar modules.

Contracts will be awarded through PPP format for
setting up of Multimodal Logistics Park at 4 locations
in 2022-23.

AVGC SECTOR WILL BECOME PART OF

THE ECONOMY
Last year when Toy Fair and Toycathon were held in India for the
first time, Prime Minister Narendra Modi reiterated his resolve to
make India self-reliant in online gaming along with the toy sector,
and now for the first time in the general budget, the Finance
Minister also discussed animation, visual effects, gaming, and
comics ( AVGC) sector. It has emerged as the fastest-growing
market in recent years. With an aim to give a boost to this sector
Finance Minister announced the formation of a task force, which
will recommend steps to be taken to promote it. This will help in
generating 20 lakh jobs.

The budget has also talked about

creating a task force for making India
the global games developer and gaming
services hub in the world.
Narendra Modi, Prime Minister

22 New India Samachar February 16-28, 2022