Nirmala Sitharaman Announces National Manufacturing Mission to Bolster 'Make In India' Initiative

In a bid to accelerate indigenous manufacturing, Finance Minister Nirmala Sitharaman on Saturday announced the National Manufacturing Mission, paving the way for further growth in the country's 'Make In India' initiative.

Presenting the Union Budget 2025-26, Sitharaman outlined several initiatives aimed at fostering sustainable and inclusive economic growth. The flagship scheme would support emerging clean tech sectors such as solar cells, EV batteries, and high-voltage transmission equipment manufacturing at the local level.

To boost MSMEs, which form the backbone of India's manufacturing sector, the government has hiked credit guarantees to a record Rs 10 crore from Rs 5 crore. The investment and turnover limits for these firms would also be increased to 2.5 times their current values.

Furthermore, Sitharaman introduced customized credit cards with an annual limit of Rs 5 lakh for all registered MSMEs. The government will also set up Centres of Excellence in artificial intelligence for education, funded at a total outlay of Rs 500 crore.

The Union Budget has made provisions for various sectors including manufacturing, exports, agricultural growth, and financial inclusion, focusing on promoting the welfare of poor, youth, farmers, and women.

Apart from MSME support, Sitharaman announced plans to provide socio-economic upliftment programs for urban workers, as well as a Social Security Scheme to protect online platform workers. A tailored product scheme has also been included for the footwear and leather sector, expected to generate 22 lakh new jobs and significant exports.

The Budget Session, which commences on January 31 and concludes on February 13, will consist of two phases: Phase I (January 31 - March 1) and Phase II (March 10 – April 4).