Context: Recently Finance Minister proposed a National Manufacturing Mission to boost the “Make in India” initiative across small, medium, and large industries in Budget 2025-26
- The Mission will focus on five key areas:
- Ease and cost of doing business
- Future-ready workforce for in-demand jobs
- Vibrant and dynamic MSME (Micro, Small, and Medium Enterprises) sector
- Availability of technology
- Availability of Quality products.
- The government will set up a mission to support Clean Tech manufacturing, focusing on improving domestic value addition and developing ecosystems for solar PV cells, EV batteries, motors, controllers, electrolyzers, wind turbines, high-voltage transmission equipment, and grid-scale batteries.
- The Union Budget prioritizes 10 important areas, includingsupporting MSMEs and promoting exports, agricultural growth and rural prosperity, manufacturing and financial inclusion, inclusive growth and development and a special focus on the poor, youth, farmers, and women.
- To implement this mission government will take the following steps:
- Policy support, execution roadmaps, and a governance and monitoring framework will be established for central ministries and states.
- The credit guarantee cover for MSMEs will be increased to Rs 10 crore from Rs 5 crore, and the investment and turnover limits for MSME classification will be raised by 2.5 and 2 times, respectively.
- A customized credit card scheme with a Rs 5 lakh limit will be introduced for registered MSMEs.
- Centers of Excellence in AI for education will be established with a budget of Rs 500 crore.
- A scheme will be launched for the socio-economic upliftment of urban workers, along with a social security scheme for online platform workers.
- A product-focused scheme for the footwear and leather sector is expected to generate 22 lakh new jobs and significantly increase exports.