New Delhi: Finance Minister Nirmala Sitharaman on Tuesday clarified to the Indian corporates that the duties haven't raised in the recent budget with a sense of protectionism.
"If we have raised duties it isn't with the sense of protectionism. If there are medical devices being made in India, we want to give encouragement under Make in India, at least for those we don't want imports flooding the market," said Sitharaman at a post-Budget interaction with India Inc, which was organised by Confederation of Indian Industry (CII).
One of the buzz phrases that emanated from the Economic Survey was 'Assemble in India', which Sitharaman said it has its own purpose and it doesn't mean 'Make in India' is no longer the priority of the Modi government.
'Assemble in India' would create 80 million well-paid jobs in the next 10 years, the Economic Survey 2019-20 said on Friday.
"There is no shift from 'Make in India'. I have seen this concern that is it going to be 'assemble in India' and forget 'Make in India'. 'Assemble in India' has a purpose. We are using this also as a capacity building for India," said Sitharaman.
"We will be spending a lot of time looking at the implementation of the budget. I assure you we will be on our toes," the Finance Minister told India Inc.
Sitharaman said the industry needs to "shun hesitation" and make investments to drive the country's economic growth.
She said the government was there to facilitate the industry.
"I don't think in today's condition it can be just government spending which can pull economy towards growth.
"I strongly believe industry today will have to come out of hesitation which you have..," Sitharaman, who presented the Union Budget 2020-21 in Parliament on Saturday, said.
Sitharaman on Saturday slashed income tax for individuals, abolished dividend tax for companies and announced record spending in agriculture and infrastructure sectors to pull the economy out of its worst slowdown in more than a decade.
With inputs from agencies
