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Budget 2022 – Sizable Relief for Manufacturing in India

While addressing the budget for the financial year 2022, India’s Finance Minister Nirmala Sitaraman, stated that sectors like chemicals, textiles and metals would benefit from a new approach to review and streamline tariff structure. The manufacturing of intermediate products may also see a healthy rise, according to the finance minister as the budget asserts on removing custom exemptions on items manufactured in the country. As proposed, concessional duties would be granted on raw material that goes into the manufacturing of intermediate products in India. The aid extends to various manufacturing sectors such as processing, footwear, electronics, fertilizers, power, fertilizers, jewelry, etc. This will be a step forward in achieving the objective of ‘Make in India’, added the finance minister.