Budget: Investment clearance cell to provide facilitation to youth

New Delhi, February 1, 2020

Finance Minister Nirmala Sitharaman today announced the setting up of an investment clearance cell to provide “end-to-end” facilitation and support to youth entrepreneurs, developing five new smart cities in collaboration with states in PPP mode and encouraging the manufacture of mobile phones, electronic equipment and semiconductor packaging.

Presenting the Union Budget 2020-21 in Parliament, the Minister proposed launching a national technical textiles mission to position India as a global leader in technical textiles. She announced a new scheme, NIRVIK, to achieve higher export credit disbursement. Government e-marketplace (GeM) will create a unified procurement system to procure goods, services and works, she added.

Sitharaman pointed out that entrepreneurship has always been the strength of India and the young men and women have been contributing to India’s growth with their entrepreneurial skills. “We recognise the knowledge, skills and risk-taking capabilities of our youth and they are no longer job seekers, but job creators,” she added.

The Finance Minister proposed setting up of an Investment Clearance Cell that will provide “end to end” facilitation and support to create more opportunities to youth and remove road-blocks. She also proposed to develop five new smart cities in collaboration with States in PPP mode and such sites would be chosen that offer the best choices in terms of the aforementioned principles.

The electronics manufacturing industry was very competitive and the potential in job creation is immense. India needed to boost domestic manufacturing and attract large investments in the electronics value chain.

She also proposed a National Technical Textiles Mission with a four-year implementation period from 2020-21 to 2023-24 at an estimated outlay of Rs 1480 crore to position India as a global leader in Technical Textiles.

She referred to the Prime Minister’s call from Red Fort about quality and standards when he spoke of “Zero Defect-Zero Effect” manufacturing. All Ministries, during the course of this year, would be issuing quality standard orders, she added.

The Finance Minister announced a new scheme NIRVIK to achieve higher export credit disbursement, which provides for higher insurance coverage, reduction in the premium for small exporters and simplified procedure for claim settlements. By the end of the 5th year, this scheme is expected to support the export of around Rs 30 lakh crore.

She proposed to digitally refund to exporters, duties and taxes levied at the Central, State and local levels, such as electricity duties and VAT on fuel used for transportation, which are not getting exempted or refunded under any other existing mechanisms.

Sitharaman said that Government e-Marketplace (GeM) was moving ahead for creating a Unified Procurement System in the country for providing a single platform for procurement of goods, services and works. She proposed to take the turnover of GeM to Rs 3 lakh crores. She also proposed to provide Rs 27300 crore for development and promotion of Industry and Commerce for the year 2020-21.

NNN

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