Vocal about Local: Government may offer tax sops to make local production competitive

After Prime Minister Narendra Modi's appeal to people to opt for local market instead of foreign markets like China, to resurrect the economy, the government may offer tax incentives, procurement preference in government contracts for locally produced goods while imposing severe non-tariff barriers to deter imports. At present, sops for sectors such as pharmaceuticals, furniture and leather are high on the government’s agenda.