BUDGET 2020: Industry, Commerce and Investment
- Rs. 27,300 crore allocated for 2020-21 for development and promotion of Industry and Commerce. Investment Clearance Cell proposed to be set up:
o To provide “end to end” facilitation and support.
o To work through a portal.
- Five new smart cities proposed to be developed.
- Scheme to encourage manufacture of mobile phones, electronic equipment and semi-conductor packaging proposed. National Technical Textiles Mission to be set up:
o With four-year implementation period from 2020-21 to 2023-24.
o At an estimated outlay of Rs 1480 crore.
o To position India as a global leader in Technical Textiles. New scheme NIRVIK to be launched to achieve higher export credit disbursement, which provides for:
o Higher insurance coverage
o Reduction in premium for small exporters
o Simplified procedure for claim settlements.
- Turnover of Government e-Marketplace (GeM) proposed to be taken to Rs 3 lakh crore.
- Scheme for Revision of duties and taxes on exported products to be launched.
o Exporters to be digitally refunded duties and taxes levied at the Central, State and local levels, which are otherwise not exempted or refunded.
- All Ministries to issue quality standard orders as per PM’s vision of “Zero Defect-Zero Effect” manufacturing.