Union Budget 2020-21 is for 130 crore Indians - rich & poor, young & old, entrepreneurs & industrialists - promoting ease of doing business & new opportunities for the youth of India. It perfectly encapsulates Honorable Prime Minister Sh. Narendra Modi's vision of making India a 5 trillion-dollar economy and will lead to investment, growth & economic development leading to welfare of farmers, poor & middle class of the country.

To achieve higher export credit disbursement, a new scheme prepared by the Commerce and Industry Ministry - NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim, settlement. Under the scheme, the insurance guarantee could cover up to 90% of the principal and interest.

Hon'ble Finance Minister Nirmala Sitharaman in her Budget speech, also proposed a scheme to encourage manufacture of mobile phones, electronic equipment and semiconductor packaging. In order to support domestic footwear and furniture manufacturing which come under the MSME sector, customs duty is being raised on items like footwear (from 25% to 35%) and furniture (from 20% to 25%).

In the Budget 2020-21, Hon'ble Finance Minister Nirmala Sitharaman announced that the release of the policy will clarify the roles of the Union Government, State Governments & key regulators and the policy will focus on generation of employment, skills and to make MSMEs competitive. The aim is to reduce the logistics cost from the present 14% of GDP to less than 10% by 2022 and pave the way for India to become a logistics hub.

The Economic Survey said that in the process of Integration, India would create about 4 crore well-paid jobs by 2025 and about 8 crore by 2030. The Pre-Budget Survey says that the incremental value added in the economy from the target level of exports of network products, which is expected to equal $248 billion in 2025, would make up about one-quarter of the increase required for making India a $5 trillion economy by 2025.

The Ministry of Commerce & Industry is facilitating the industry by creation of infrastructure in the form of CFCs, through Gem and Jewellery Export Promotion Council (GJEPC). The Council has already set up CFCs at major diamond clusters in Gujarat like Amreli, Palanpur, Visnagar and Junagadh. These CFCs are operational and have made the MSME units export worthy. The CFCs will empower the trade and increase overall productivity, yield and timely delivery.