New Delhi: Finance minister Nirmala Sitharaman in her Budget speech on Saturday proposed launching a new scheme to make India a hub for electronic manufacturing. The announcement was in line with the “Assemble In India” proposal of the 2019-20 Economic Survey, presented on Friday.
“India needs to manufacture networked products which will make India part of the global chain. Electronics industry’s potential in manufacture and job creation is immense. We need to encourage manufacturing of mobile phones, electronic equipment and semiconductor. Details will be announced,” Sitharaman said in her Budget speech.
For exporters, Sitharaman announced schemes such as Export Credit Insurance Scheme, NIRVIK, which will increase insurance cover for small exporters, and RODTEP (Remission of Duties or Taxes on Export Product) which will digitally refund local taxes to exporters and will replace the current Merchandise Exports from India Scheme (MEIS).
The minister also launched a National Technical Textiles Mission, with a proposed outlay of ₹1480 crore for 2020-21 to increase technical textile exports.
For quality control of imports into India, Sitharaman said quality standard orders will be issued by all ministries. A new Investment Clearance Cell will be set up for pre-investment advisory, information sharing about land clearance and facilitating clearance at Centre and level.