New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday while presenting the Union Budget 2020 announced that to boost the investment sector, ‘Investment clearance cell will be set up’ to give investors and entrepreneurs free investment advisory, land banks and facilitate clearances even at the state level. She also proposed to build 5 new smart cities in collaboration with the states.
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“I propose to set up an investment clearance cell that will provide end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at the state level”, said Nirmala Sitharaman while presenting the Budget 2020.
Nirmala Sitharaman also announced Rs 27,300 crore allocation for development and promotion of industry and commerce. She also said that the government will set up project preparation facilities for the infrastructure sector, national logistic policy soon.
She also said that India needs to boost domestic manufacturing and attract investment in electronics manufacturing. To meet this demand, the government also proposed a scheme for manufacturing of cell phones, semiconductors and other electronic devices to boost the investment in India.
Finance Minister Nirmala Sitharaman also announced Nirvik (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce the premium for small exporters.
"To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim settlements," she said while presenting Budget 2020-21.
The scheme is being prepared by the commerce ministry. Under the scheme, also called the Export Credit Insurance Scheme (ECIS), the insurance guaranteed could cover up to 90 per cent of the principal and interest.
The ministry has also proposed to subsidise the premium under the scheme that has to be paid by exporters of certain key sectors. The Export Credit Guarantee Corporation currently provides credit guarantee of up to 60 per cent loss.
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Posted By: Talib Khan