Focusing on health and well-being of citizens, physical and financial capital and infrastructure, inclusive development for aspirational India, innovation and R&D, minimum government, maximum governance are some of the highlights of the Union Budget for the financial year 2021-22.
Finance Minister, Nirmala Sitharaman allocated Rs 15,700 crore for the Ministry of Micro, Small and Medium Enterprises (MSME) sector. She also proposed to reduce the money requirement under the Stand Up India scheme for the Scheduled Castes and Scheduled Tribes from 25 per cent to 15 per cent besides approving loans for activities in allied activities in agriculture.
Scheme for new textile parks
In view of global pandemic, the Budget also introduced a new scheme for setting up mega textile parks in the country. These parks will help the government position India as a fully integrated, globally competitive manufacturing and exporting hub for the sector.
Under this scheme, the government has sanctioned 59 integrated textile parks, of which 22 have been completed. The textile ministry also plans to set up a Mega Integrated Textile Region and Apparel (MITRA) Park, spread over 1,000 acres with state-of-the-art infrastructure, common utilities and Research and Development (R&D) lab. The government has also approved production-linked incentive (PLI) scheme for 10 key sectors including textile and automobiles which would help India become self-reliant, boost manufacturing and enhance exports. The scheme takes the total government outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.