12.7 lakh metric tone plant to be set up in Namrup, Assam, plan ready for footwear too: Nirmala Sitharaman

New Delhi| Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2025-26. She announced the formation of Makhana Board in Bihar and opening of urea plant in Assam. Presenting the budget amid uproar by the opposition in the Lok Sabha, Finance Minister Nirmala Sitharaman said, “The plant with an annual capacity of 12.7 lakh metric tonnes will be set up in Namrup, Assam”. Three closed urea plants have been reopened in the eastern region, a step towards self-reliance in urea production.

The Finance Minister said that apart from assistance for India’s footwear and leather sector, there is a scheme for non-leather footwear. 2.2 million jobs and a turnover of 4 lakh crore and exports of more than 1.1 lakh crore are expected. Apart from this, a scheme for toy manufacturing will be started under Make in India. Special friendly credit cards with a limit of 5 lakhs will be introduced for micro enterprises. 1 million cards will be issued in the first year. AIAP has received more than 91 thousand crore submissions for startups. A new contribution of 10 thousand crores will be made.

She further said, “Through this budget, the government’s endeavor is to accelerate growth, inclusive growth, private sector investment, upliftment of domestic sentiments, and increase the spending power of India’s growing middle class”. Apart from this, the investment limit for MSME classification will be increased by 2.5 times. The turnover limit for MSME classification will be doubled. This will give them the confidence to move forward and create jobs for our youth.”

The Finance Minister said that credit receipt has to be made accessible to MSMEs. Under this, 5 crore to 10 crore for micro and small enterprises, additional loan of 1.5 lakh crore in next 5 years. Apart from this, special customized credit cards with a limit of Rs 5 lakh will be introduced for micro enterprises registered on the Udyam portal.

In the budget speech, the Finance Minister said that the government will provide support to the National Cooperative Development Corporation for the work of providing loans to the cooperative sector. Apart from this, a new fund will be established for the fund of startups. A new contribution of Rs 10,000 crore will be made in addition to the existing government contribution of Rs 10,000 crore. New scheme to be launched for 5 lakh women, first-time entrepreneurs from Scheduled Castes and Scheduled Tribes.

He further informed that the Indian Postal Department will be converted into a public organization. The needs of Vishwakarmas, women and self-help groups will be fulfilled. Through Kisan Credit Card, 7.7 crore farmers, fishermen etc. get credit. Its limit will be increased from 3 lakh to 5 lakh.