Govt hikes MSME Credit guarantee cover to 10 crores - Live updates

LIVE UPDATES:

• 5 IITs to get additional infra, Patna branch to be expanded, says Sitharaman: Finance Minister Nirmala Sitharaman announced that the Centre will create additional infrastructure in five IITs and will expand IIT Patna. Presenting the Union Budget for the eighth consecutive time, Sitharaman said 10,000 seats will be added in medical colleges and hospitals by next year, and 75,000 seats will be added in the next five years.

• In election year, Bihar gets a big pie of Nirmala Sitharaman's Budget: Presenting her eighth consecutive Budget, Finance Minister Nirmala Sitharaman announced the setting up of a 'Makhana Board' to help farmers growing 'superfood' makhana or fox nut. Bihar also received an infrastructural boost, with Sitharaman announcing the expansion of the Patna airport, and setting up of a new brownfield airport at Bihta. The Finance Minister also proposed the setting up of a National Institute of Food Technology, Entrepreneurship and Management in Bihar to provide a strong fillip to food processing activities in the eastern region.

• Focused scheme for footwear, leather sectors; India as global toy manufacturing hub: Sitharaman: Finance Minister Nirmala Sitharaman on Saturday said a focused scheme will be launched for the footwear and leather sectors while steps will be initiated to make India a global toy manufacturing hub. The government will also launch a mission to support clean technology manufacturing activities, she said while presenting the Union Budget for 2025-26. She said investment as a third engine encompasses investing in people, innovation and economy.

• Rs 1 lakh crore fund to transform cities into growth hubs, says Sitharaman: Finance Minister Nirmala Sitharaman announced the establishment of a Rs 1 lakh crore Urban Challenge Fund to drive the transformation of cities into growth hubs, support creative redevelopment and enhance water and sanitation infrastructure, as outlined in the July 2024 Budget. The fund will finance up to 25 per cent of the cost of bankable projects, with a requirement that at least 50 per cent of the funding comes from bonds, bank loans, or public-private partnerships (PPPs). An initial allocation of Rs 10,000 crore has been proposed for the fiscal year 2025-26 to kickstart the initiative.

• Broadband connectivity in all government schools, says Nirmala Sitharaman: Finance Minister Nirmala Sitharaman, presenting the Union Budget 2025-26, said broadband connectivity will be provided to all government secondary schools and primary healthcare centres.

• Fund of funds for startups to be set up with Rs 10,000 crore contribution from government, says Sitharaman: Finance Minister Nirmala Sitharaman said the fund of funds for startups will be set up with Rs 10,000 crore contribution from the government, Finance Minister Nirmala Sitharaman said. She also said the government will launch Rs 2-crore term loan to five lakh first-time women, SC and ST entrepreneurs.

• Sitharaman announces missions of high yielding seeds, cotton production: Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman said a national mission of high yielding seeds will be launched. She also announced five-year missions to promote cotton production.

• Makhana Board to be established in Bihar to improve fox nut production, says Sitharaman: Finance Minister Nirmala Sitharaman announced that a Makhana Board will be established in Bihar to improve production, processing, value addition and marketing of makhana (fox nut). "There is a special opportunity for the people of Bihar. A Makhana Board will be established in the state to improve production, processing, value addition and marketing of makhana. The people engaged in these activities will be organised into FPOs. The Board will provide hand holding and training support to makhana farmers and will also work to ensure they receive the benefits of all relevant government schemes," she said while presenting the Union Budget 2025-26.

• Centre to bring framework for harvest of fisheries sector in EEZs, says Sitharaman: The government will bring an enabling framework for sustaining the harvest of the fisheries sector in exclusive economic zones and high seas, Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2025-26. She said the manufacturing mission to further the Make in India programme will cover small, medium and large industries via policy support and detailed framework.

• India Post to be transformed into a large public logistics organisation, says Sitharaman: Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman said the India Post will be transformed into a large public logistics organisation with 1.5 lakh rural post offices to become catalyst for rural economy.

• Nirmala Sitharaman announces Dhan Dhanya Krishi Yojana: Finance Minister Nirmala Sitharaman has announced the Dhan Dhanya Krishi Yojana, which aims to enhance agricultural productivity and crop diversification. The scheme, through convergence of existing schemes, will cover 100 districts, and is expected to benefit 1.7 crore workers.

• MSME credit guarantee cover enhanced from Rs 5 crore to Rs 10 crore, says Nirmala Sitharaman: MSME credit guarantee cover will be enhanced from Rs 5 crore to Rs 10 crore for micro enterprises, leading to an additional Rs 1.5 lak crore credit in the next five years. She said the loan limit will be increased from Rs 3 lakh to Rs 5 lakh under the Kisan Credit Card. She said the Kisan Credit Card has facilitated loans for 7.07 farmers. "MSMEs are responsible for 45% of our exports. We need to increase credit access to MSMEs. Customised credit cards for micro enterprises will have Rs 5 lakh limit," she said.

• Comprehensive programme for raising vegetables, fruits' production to be launched, says Sitharaman: Comprehensive programme for raising vegetables, fruits' production, and providing remunerative prices will be launched, Finance Minister Nirmala Sitharaman said while presenting the Union Budget 2025-26.

• Nirmala Sitharaman announces 6-year mission to achieve 'atmanirbharta' in pulses: Finance Minister Nirmala Sitharaman has announced a six-year mission to achieve 'atmanirbharta' (self-reliance) in pulses in her Union Budget 2025-26 speech.

• India's economic track record for last 10 years has drawn global attention, says Sitharaman: "Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next five years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions," she said in the Lok Sabha.

• Nirmala Sitharaman's GYAN acronym for Union Budget 2025-26: Finance Minister Nirmala Sitharaman said the Union Budget focused on GYAN (Garib - poor, yuva (youth), annadata (farmers) and nari shakti (women's empowerment). She said the budget has a top focus on the rising middle class, growth, and infrastructure.

• Opposition walks out of Lok Sabha as Nirmala Sitharaman presents Budget: Opposition MPs walked out of the Lok Sabha after sloganeering as Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26.

• Finance Minister Nirmala Sitharaman presented the Union Budget for a record eighth time in the Lok Sabha.

• Mobile, Television and Electric cars get cheaper.

• No tax on 36 life saving drugs including cancer.