1. Budget 2016: Govt earmarks 1,400 cr for DMIC project

Budget 2016: Govt earmarks 1,400 cr for DMIC project

The Delhi-Mumbai Industrial Corridor (DMIC) project has been planned as a global manufacturing and investment destination around the high speed 1,483 km length of western dedicated freight corridor of the railways as the backbone.

By: | New Delhi | Published: March 2, 2016 12:26 PM
Union Budget 2016 - Arun Jaitley Budget 2016: Finance Minister Arun Jaitley in his Budget speech on Feb 29 said that more support will be provided to exporters to give a boost to overseas shipments.

The government has earmarked Rs 1,400 crore for development of the Delhi-Mumbai Industrial Corridor (DMIC) in the Budget for 2016-17.

However, in case of Amritsar-Kolkata Industrial Corridor (AKIC) project, a token amount of Rs 3 crore has been set aside by Finance Minister Arun Jaitley.

The DMIC project has been planned as a global manufacturing and investment destination around the high speed 1,483 km length of western dedicated freight corridor of the railways as the backbone.

The project envisaged to provide modern infrastructure through smart futuristic and sustainable industrial cities across six states including Haryana, Uttar Pradesh and Rajasthan.

Similarly, the AKIC has been proposed to give a boost to industrial development in the densely populated states of northern and eastern India.

Further for the ‘Make in India’ initiative, the government has alloted Rs 324.35 crore in the Budget 2016-17.

As a whole, the Department of Industrial Policy and Promotion (DIPP), the allocation has been raised to Rs 3,026.55 crore from Rs 2,435.75 crore in the revised estimates of 2015-16.

According to the Budget document, the Department of Commerce will get Rs 4,362.8 crore next fiscal, marginally higher than Rs 4,338.65 crore in revised estimates for 2015-16.

It has earmaked Rs 725 crore for various export promotion schemes; Rs 1,200 crore towards duty drawback scheme and Rs 1,000 crore for interest subsidy scheme.

These allocations assume significance as exports are in negative zone since December 2014.

Jaitley in his Budget speech on Monday said that more support will be provided to exporters to give a boost to overseas shipments.

Under the duty drawback scheme, the government refunds duties on imported inputs for export items.

Exports dipped for the 14th month in a row, down 13.6 per cent in January to $21 billion due to fall in shipments of petroleum and engineering goods, although trade deficit showed improvement.

  1. Brijesh Verma
    Mar 2, 2016 at 8:53 am
    I do not care much about provisions in the budget. What matters is how strictly the budget is followed. My worry are banks whose NPAs are escalating . FM wants to further capitalise them to increase the quantum of booty .
    Reply

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