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.