Incentivising domestic value addition to help Make in India

While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that customs and excise duty structure plays an important role in incentivizing domestic value addition towards Make in India campaign. He proposed to make suitable changes in customs and excise duty rates on certain inputs, raw materials, intermediaries and components and certain other goods and simplify procedures so as to reduce costs and improve competitiveness of domestic industry in sectors like Information Technology hardware, capital goods, defense production, textiles, mineral fuels & mineral oils, chemicals and petrochemicals, paper, paperboard & newsprint, Maintenance repair and overhauling of aircrafts and ship repair, etc.