National Manufacturing Mission launched to increase manufacturing in the country, ‘Make in India’ to get a boost
New Delhi| Finance Minister Nirmala Sitharaman on Saturday launched the National Manufacturing Mission in the budget to increase manufacturing in the country. In this, small, medium and big industries will be supported to support ‘Make in India’. During her speech, the Finance Minister said that the mission will provide policy support, execution roadmap, governance and monitoring framework to both central ministries and states.
The Finance Minister further said that the government is committed to climate-friendly development. The mission will focus on clean technology manufacturing, domestic value addition and ecosystem creation in solar PV cells, electric vehicle batteries, motors and controllers, electrolyzers, wind turbines, high-voltage transmission equipment and grid-scale batteries.
Also in the budget, Finance Minister Nirmala Sitharaman announced that the credit guarantee cover for Micro, Small, Medium Enterprises (MSMEs) was increased from Rs 5 crore to Rs 10 crore. The investment and turnover thresholds for the classification of all MSMEs will be increased by 2.5 and 2 times respectively. Also said that the government will introduce customized credit cards with a limit of Rs 5 lakh for registered micro enterprises.
The Finance Minister further said that Nuclear Energy Mission will be set up for Research and Development of Small Modular Reactors with an outlay of Rs 20,000 crore to develop Nuclear Energy capacity of 100 GW by 2047. Five small modular reactors will be operational by 2033.”
In the budget, the limit of Kisan Credit Card (KCC) has been increased from Rs 3 lakh to Rs 5 lakh by the Finance Minister. This will help farmers to get cheap loans.
Earlier, Economic Survey 2024-25 was presented in Parliament on Friday by the Finance Minister. The survey reported that India’s GDP could grow at a rate of 6.3-6.8 percent amid global uncertainty in FY 2025-26.
