New Delhi: The Finance Minister Nirmala Sitharaman has committed an infusion of Rs 1.97 lakh cr for the sector for over five years.
While presenting the Union Budget 2021-22 on Monday, Sitharaman said she wanted to give the manufacturing sector a fillip.
Saying that infra and financial capital strengthening was a must to achieve the dream of India becoming a 5 trillion economy, Sitharaman emphasised that the manufacturing sector would have to grow in double digits on a sustained basis towards this end.
She announced the introduction of a mega-investment textile park scheme with seven textile parks to be established over the next 3 years. Sitharaman said a new Development Financial Institution will be set up with an allotment of Rs 20,000 cr.
The Finance Minister said a production incentive scheme was announced last year with an aim to boost to domestic businesses. The economy shrunk due to coronavirus pandemic, she added.
