As India looks to attract more investments, the government is giving a leg-up to specific sectors such as textiles, start-ups, steel and agricultural exports.
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Sources told CNBC-TV18 that a secretaries' panel on commerce and industries, headed by Commerce Secretary Anup Wadhawan in a recent meeting, provided a detailed update to the Prime Minister's Office (PMO) and Cabinet Secretary on vision 2020 with regards to these sectors.
According to the panel, the expenditure finance committee is working on setting up seed funding and credit guarantee scheme for start-ups – which are at an advanced stage. "The government has released Rs 1,200 crore for start-ups under the fund of funds scheme," sources said.
The fund of funds scheme was approved by the government to promote start-ups, under which a sum of Rs 10,000 crore will be provided to start-ups by 2025.
Sources added that mega textile parks and a 'focus product scheme' for man-made fibre have almost been finalised. The panel will push for policy reforms to fast track investments and create an enabling ecosystem for start-ups.
"Consultations on a policy for green field investments in the steel sector are in the advance stage. Similarly, discussions on developing 19 iconic tourist sites are advancing," sources said.
Speaking about the agri-exports policy, sources said: "15 states have finalised their action plan and 20 cluster-level committees have been formed in the cluster districts."
Moreover, for promotion of bulk drug and medical devices parks, an outlay of Rs 3,400 crore has been approved to boost the pharma industry. The panel also informed the top government that key departments are in the process of having quality control norms. "The draft quality control order for five products has been notified and consultations are on for another 10 products," sources confirmed.
Speaking about MSMEs, sources said that under the Aatma Nirbhar Bharat campaign, major schemes have been approved for the sector, including provisioning of Rs 20,000 crore as subordinate debt to provide equity support to stressed MSMEs and equity infusion of Rs 50,000 crore through Fund of Funds. The panel pointed out that the actual offtake is being closely monitored by Finance Minister Nirmala Sitharaman.
The panel also highlighted that action is underway to usher in labour reforms by subsuming 29 Labour Laws into 4 Labour Codes with emphasis on simplification, rationalisation and system-based implementation.