Government takes various initiatives to boost Industrial Manufacturing

The Government of India vide Press Release dated 23 July 2021 have taken various steps in order to improve the quality standards of products manufactured under the Aatma Nirbhar Bharat Campaign and other benefits for startups. The details have been mentioned hereunder:

1. Quality Control Orders (QCOs): Through various Ministries/Departments 156 products are notified by Central Government under compulsory BIS certification through issuance of QCOs. Products should meet the requirements of relevant Indian Standards and bear a Standard Mark under a license from Bureau of Indian Standards.
2. Production-Linked Incentive (PLI) Scheme: In order to boost manufacturing PLI was launched for 13 sectors over the period of five years.

Steps to uplift the startups and to promote ‘vocal for local’ campaign:

1. To ease procurement from startups, relaxations has been extended on prior experience, turnover and earnest money deposit as per the applicable provisions.
2. Fund of Funds for Startups (FFS) and Startup India Seed Fund (SISFS) Schemes has been taken up to uplift the startups in the country.

Steps for startups and local manufacturers to use e- Commerce

1. Government e-Marketplace (GeM) has been set-up for providing online Platform for procurement of goods and services from Government entities and also to sell their products and services directly to government entities.

Disclaimer:

The information provided in this update is intended for informational purposes only and does not constitute legal opinion or advice. Readers are requested to seek formal legal advice prior to acting upon any of the information provided herein. This update is not intended to address the circumstances of any particular individual or corporate body. There can be no assurance that the judicial/ quasi judicial authorities may not take a position contrary to the views mentioned hereinrra quis