New Delhi, Feb 1 (IANS) Finance Minister Nirmala Sitharaman on Saturday announced a National Manufacturing Mission to further boost the ‘Make In India’ initiative across industries, as the country becomes a bright spot on the global manufacturing map.
Presenting the Union Budget 2025-26, the Finance Minister said that the National Manufacturing Mission would support clean tech, and build an ecosystem for solar cells, EV batteries, and high voltage transmission equipment manufacturing at the local level.
The credit guarantee cover is to be enhanced for MSMEs to Rs 10 crore from Rs 5 crore and investment and turnover limit for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively.
The government will also introduce customised credit cards with a Rs 5 lakh limit for registered MSMEs.
The Finance Minister also announced Centres of Excellence in artificial intelligence (AI) for education, to be set up with a total outlay of Rs 500 crore.
The Union Budget focuses on 10 broad areas, including supporting MSMEs and promoting exports, agricultural growth and rural prosperity, manufacturing and financial inclusion, inclusive growth and development and a special focus on the poor, youth, farmers, and women.
“A scheme for socio-economic upliftment of urban workers to be set up. Social Security Scheme for the welfare of online platform workers would also be set up,” said FM Sitharaman.
The government will also launch a focused product scheme for the footwear and leather sector, creating 22 lakh new jobs while generating significant exports.
The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
