“We are not crazy about it but we have to become self-sufficient,” he said at a CII virtual event on being asked about the country’s emphasis on local content requirements.
“We will take a practical and balanced view and do it sensibly without compromising on quality and modern technology…We can’t import entire equipment if only one component can’t be made here,” he said.
On being asked if Atmanirbhar Bharat is about India being protectionist, Goyal said: “Whatever we have to import and is high quality, we will import. All countries in the world are balancing their trade.”
The minister emphasised that India wants fair, balanced and transparent trade.
New mechanism
Goyal also said that the government is trying to get a mechanism for the taxes for which industry does not get credit such as electricity duty and mandi tax, which make Indian manufacturing look uncompetitive.
“Something like RoDTEP. We are taking it up at all levels and will find a solution,” he said.
Remission of Duties and Taxes on Exported Products or RoDTEP is a scheme for exporters to reimburse taxes and duties paid by them such as value added tax, coal cess, mandi tax, electricity duties and fuel used for transportation, which are not getting exempted or refunded under any other existing mechanism.
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