Finance Minister Nirmala Sitharaman's second Budget Speech outlined three broad themes focused on aspirtional India, economic development for all and a caring society. In the second part on economic development, Ms. Sitharaman said that India has been an economically continuing civilization, and that entrepreneurship has been the strength of India.
In an effort to support youth who start their own venture in the country, the Minister proposed to set up Investment Clearance Cell. The cell will help in providing end-to-end clearance to set up business through digital clearance. The government plans to identify five smart cities where these digital portals will be set up. Apart from end-to-end set up support, the cell will also provide free investment advice and information on land banks available.
Manufacturing
India needs to invest in large electronics and semi-conductor manufacturing units, she said. The Minister proposed a scheme for encouraging investment in manufacturing sector to boost employment. She pointed out that, in the future, India will manufacture medical devices that can be exported globally.
The FM urged every district to become an export hub, and announced an outlay of ₹27,300 crore for development and promotion of industry and commerce in 2021. She also proposes a National Technical Textiles Mission with an outlay of ₹1,480 crore over 4 years to cut down imports.
A new scheme, NIRVIK will be launched to provide quality standards for all ministries. Reversion of duties and taxes on exported products to be launched this year.
Infrastructure
The FM proposed an outlay of ₹103 lakh crores under the National infrastructure Pipeline to accelerate the development of highways. After Mumbai-Delhi express, Chennai-Bengaluru expressway will be planned, she said.
She also proposed a Bengaluru suburban rail project at a cost of ₹18,600 crore. The government will monetize 12 lots of national highways by 2024, and develop 100 more airports by 2024 to support UDAN, she said. Aircraft fleet size will increase to 1,200 planes by 2024.
A total outlay of ₹1.7 lakh crore has been set for transport infrastructure in 2021.
The Minister said that a large solar power capacity along the railway lines is under consideration. The process of inviting private players in railways is also under consideration. Plans are afoot to boost economic activities along coastal lines, she said.
The Minister urged states to replace the existing energy meters with prepaid smart meters. She proposed ₹22,000 crores for power and renewable energy.
Digital
As AI, quantum computing are redefining industries and businesses, the government plans to budget ₹6,000 crores to boost digital connectivity. It plans to invite private enterprises to build data centre parks with a vision that all public institutions will all be provided with digital connectivity. It also plans to increase connectivity of Bharat Net.
The government also plans budget ₹8000 crores for quantum computing and AI technologies.
