‘Import barriers will not be perpetual’- The Hindu -01/11/2020
NITI Aayog Vice-Chairman asserted that any tariff protection to promote local manufacturing in India will come with an in-built sunset clause.
A sunset provision provides for an automatic repeal of the entire or sections of the law once a specific date is reached.
He emphasised that the protection from imports won’t be perpetual.
He made it clear that India’s self-reliance mission must not be equated to it becoming a protectionist and closed economy.
The government is set to extend the production-linked incentive (PLI) scheme for manufacturing pharmaceuticals, medical devices and electronics announced under the Atma Nirbhar Bharat package to six more sectors.
This is meant to incentivise investors already in the country to put up globally comparable capacities in scale and competitiveness.
The incentives would operate within the multilateral trading rules framework.