New Delhi, Feb 1 (UNI): In a big push to local manufacturing and create more jobs, Finance Minister Nirmala Sitharaman on Saturday while presenting Union Budget 2025-26 in Lok Sabha announced a slew of measures including easier credit for micro and small enterprises, making India a global hub for toys and setting up Fund of Funds for startups.
Sitharaman announced enhanced credit guarantee cover for Micro and Small Enterprises from Rs 5 crore to Rs 10 crore. For start-ups, the credit guarantee cover would be doubled to Rs 20 crore besides bringing down the guarantee fee down to 1% for loans in 27 focus sectors.
The Budget 2025-26 has also proposed customised credit cards for Micro Enterprises registered on the Udyam portal with Rs 5 lakh limit.
The Finance Minister announced the setting up of a new Fund of Funds for startups with a fresh contribution of another Rs 10,000 crore, in addition to the existing government contribution of Rs 10,000 crore.
The Budget has also proposed a new scheme for 5 lakh women, scheduled castes and scheduled tribes first-time entrepreneurs.
Further, a Focus Product Scheme for Footwear & Leather Sectors will be launched which would facilitate employment for 22 lakh persons, turnover of Rs 4 lakh crore and exports of over Rs 1.1 lakh crore.
The scheme to make India a global toy hub is aimed at creating high-quality toys.
