Synopsis
On February 1, Finance Minister Nirmala Sitharaman announced the National Manufacturing Mission as part of the Union Budget 2025-26 to enhance the 'Make In India' initiative, fostering local production in key sectors like clean technology and MSMEs while also focusing on job creation and socio-economic upliftment.Key Takeaways
- National Manufacturing Mission launched
- Increase in MSME credit guarantee from Rs 5 crore to Rs 10 crore
- Introduction of customized credit cards for registered MSMEs
- Establishment of Centres of Excellence in AI
- Targeted scheme for footwear and leather sector
New Delhi, Feb 1 (NationPress) On Saturday, Finance Minister Nirmala Sitharaman unveiled a National Manufacturing Mission aimed at enhancing the 'Make In India' initiative across various sectors, positioning the nation as a significant player on the global manufacturing landscape.
During the presentation of the Union Budget 2025-26, the Finance Minister highlighted that this mission will promote clean technology and create a robust ecosystem for manufacturing solar cells, electric vehicle (EV) batteries, and high-voltage transmission equipment locally.
The credit guarantee limit for MSMEs is set to increase from Rs 5 crore to Rs 10 crore, alongside a rise in the investment and turnover thresholds for MSME classification to 2.5 times and 2 times, respectively.
Additionally, the government plans to introduce tailored credit cards for registered MSMEs with a limit of Rs 5 lakh.
Furthermore, the Finance Minister announced the establishment of Centres of Excellence in artificial intelligence (AI) for educational purposes, with a total budget of Rs 500 crore.
The Union Budget emphasizes ten major areas, including support for MSMEs, boosting exports, promoting agricultural growth, enhancing rural prosperity, advancing manufacturing, and ensuring financial inclusion, with particular attention to the underprivileged, youth, farmers, and women.
FM Sitharaman stated, "A program for the socio-economic advancement of urban workers will be initiated, along with a Social Security Scheme for the welfare of online platform workers."
The government will also implement a targeted product scheme for the footwear and leather sector, which is expected to create 22 lakh new jobs while significantly boosting exports.
The Budget Session of Parliament, which began on Friday, is scheduled to take place in two segments: the first phase runs from January 31 to February 13, while the second phase will commence on March 10 and conclude on April 4.
