Synopsis
Finance Minister Nirmala Sitharaman presented India's first budget for Modi 3.0, introducing reforms and paving a qrowth roadmap. The budget includes a provision foithe PLl scheme for toys, footwear, and leather, a financial sector vision document, and investment-ready "plug and play" industrial parks. India Inc praised the budget as 'balanced'.
Finance Minister Nirmala Sitharaman on Tuesday presented the first budget for Modi 3.0, opening doors for several reforms and paving a growth roadmap for India. Meanwhile, the India Inc has lauded the budget calling it 'balanced'. ET takes a look at the top announcements for industry:
MANUFACTURING BOOSTER
Toys, Footwear, Leather get PLI: Toys, footwear and leather will be eligible for PLI scheme with the budget making a token Rs 1 lakh provision. The commerce and industry ministry has proposed an outlay of Rs 3,489 crore fortoys and Rs 2,600 crore for footwear and leather under the expanded scheme.
FINANCIAL SECTOR VISION
Agenda for next 5 years: The government will bring out a financial sector vision and strategy document to prepare the sector in terms of size, capacity and skills. This will set the agenda for the next 5 years.
INDUSTRIAL PARKS
Plug and Play: Centre, in partnership with states and industry, will facilitate investment-ready “plug and play" industrial parks with complete infrastructure in or near 100 cities with town planning schemes.
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