NEW DELHI — The Union Finance Minister announced on 26 September that the central government will extend support to the manufacturing sector to reduce India’s dependence on imports. The statement was made during a press briefing at the Ministry of Finance, where the minister highlighted new incentives and policy measures aimed at boosting domestic production.
Manufacturing support to curb import dependence
The Finance Minister said the government will roll out a package of measures, including tax incentives, easier access to credit and streamlined regulatory approvals, to encourage firms to set up or expand manufacturing units. The goal, according to the minister, is to increase the share of domestic manufacturing in the country’s GDP and to create jobs in the sector.
In a statement released by the Ministry of Finance, the minister noted that the manufacturing sector has shown resilience in the face of global supply‑chain disruptions. The policy package will also target key industries such as electronics, automotive components and pharmaceuticals, which are critical to India’s self‑reliance strategy.
While the Finance Minister did not disclose specific figures for the incentives, the ministry said it would publish detailed guidelines in the coming weeks. The measures are part of a broader effort to strengthen the country’s industrial base and to reduce the import bill, which has risen to a record high in the last fiscal year.
Amaravati Quantum Bio Valley to receive new backing
In a related development, Union Minister for Science and Technology J. P. Nadda confirmed that the centre will extend support to the Amaravati Quantum Bio Valley (AQBV) in Andhra Pradesh. The AQBV is a planned high‑tech hub aimed at fostering research and development in quantum computing and biotechnology.
According to the New Indian Express, the support will include funding for infrastructure, research grants and incentives for private‑sector participation. The initiative is expected to attract investment from both domestic and foreign companies looking to tap into India’s growing talent pool in science and technology.
State support for Amaravati and Polavaram projects
The Andhra Pradesh Chief Minister, Y. S. Jagan Mohan Reddy, said the centre has extended valuable support for the Amaravati and Polavaram projects. The statement was made during a press conference in Amaravati, where the CM highlighted the central government’s role in accelerating the development of the new capital city and the Polavaram irrigation project.
In a statement released by the state government, the CM said that the central funding and policy support would help complete critical infrastructure works, including roads, water supply and power distribution. The projects are part of the state’s broader plan to boost economic growth and improve living standards in the region.
Implications for the economy
Analysts say that the manufacturing support package could help India achieve its target of 25% manufacturing share in GDP by 2030. The policy is also expected to create employment opportunities, particularly in rural areas where many manufacturing units are set up.
Experts note that the success of the initiative will depend on the speed of implementation and the clarity of the incentive framework. They also point out that the government will need to coordinate with state authorities to ensure that the new policies are effectively translated into on‑the‑ground benefits for businesses.
