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Budget 2016: More measures to boost Make in India watch

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    After a successful series of events inMumbai, the Make in India found enough and more mention in the Union Budget2016. Nine pillars in the Budget—one key pillar—incentivizing domestic valueaddition to help Make in India was presented by Finance Minister Arun Jaitley.
    Thebudget proposes to raise customs and excise duties on various inputs,intermediaries and components. The aim is to promote domestic manufacturing.This will boost maintenance of aircraft, repairing ships and production ofdefence material, aluminum, textiles and mobile handsets.Whileraising duties, mostly in the range of 2.5-10%, would not only reduce the costof domestic manufacturing, it would also enhance competitiveness, the twoprimary demands of industry. With these moves, India can compete with importsand provide more jobs locally. The move would help information technologyhardware, capital goods, mineral fuels and mineral oils, chemicals andpetrochemicals, paper, paperboard and newsprint, among other sectors.Start-upsare expected to be a key partner in the Make in India initiative. The budget offersassistance for their propagation through 100% deduction of profits in three outof five years for units set up during April 2016 to March 2019. However, MATwould be applied to them. Capital gains will not be taxed if invested inregulated/notified fund of funds and by individuals in notified start-ups, inwhich they hold majority shares. This is a part of Rs 1,804-crore allocation oninvestment promotion and technology upgrade schemes for Make in India.With thebudget 2016, ship repairing is expected to get the much-desired fillip with theexemption of excise duty on capital goods and spares, raw materials, parts,material handling equipment and consumable for repairs of ocean-going vesselsby a ship-repairing unit. The FM has raised basic customs dutyon imitation jewellery to 15% from 10% earlier, on primary aluminum to 7.5%from 5%.
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