Daijiworld Media Network - New Delhi
New Delhi, Mar 5: Union Finance Minister Nirmala Sitharaman reaffirmed the government's dedication to ensuring the timely and effective implementation of the 2025-26 Budget initiatives. Speaking during a post-Budget webinar on "Regulatory, Investment, and Ease of Doing Business Reforms" organized by the Department of Financial Services on Wednesday, Sitharaman highlighted the government's track record in fulfilling its budgetary promises.
She stressed the importance of fostering global economic partnerships, utilizing technology to enhance traditional industries, and boosting India’s export potential.
Explaining the progress of recent budget measures, Sitharaman noted the implementation of changes under the MUDRA loan scheme, including an increase in the loan limit under the Tarun category from Rs 10 lakh to Rs 20 lakh. This change was completed through a notification issued on October 24, 2024.
The Finance Minister also provided updates on the new MSME Credit Assessment model introduced in the 2024-25 Budget. She reported that 11 public sector banks have already extended the model to existing clients, with seven banks offering it to new customers. Additionally, 21 new SIDBI branches have been opened in MSME clusters, in line with the previous year's budgetary announcement.
Sitharaman highlighted the successful implementation of the PM Internship scheme pilot project, which created over 1.25 lakh internship opportunities, drawing more than 600,000 applicants. The scheme aligns with the government’s goal of reducing regulatory burdens and enhancing trust-based governance to improve the ease of doing business in India.
Through its Budget announcements, the government is taking steps to make India a more export-friendly economy, minimizing paperwork and penalties. Efforts to decriminalize business-related laws are reducing legal risks, boosting industry confidence, and promoting smoother operations.
The Finance Minister emphasized the importance of a robust manufacturing sector in attracting domestic and foreign investments. The government has already removed over 42,000 compliances and decriminalized more than 3,700 legal provisions since 2014. Furthermore, under the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized. The government now plans to introduce the Vishwas Bill 2.0 to further decriminalize over 100 provisions in various laws, simplifying business processes even further.
Focusing on capital expenditure, Sitharaman underscored its critical role as an engine for economic growth. The 2025-26 Budget proposes an unprecedented total effective capital expenditure of Rs 15.48 lakh crore, representing 4.3% of GDP. This includes Rs 11.21 lakh crore allocated for core capital expenditure by the central government, which accounts for 3.1% of GDP. This investment is expected to create jobs, strengthen industries, and pave the way for greater private sector participation in India's growth.
Sitharaman also noted the productive discussions held during the webinar, which brought together stakeholders from various ministries, industry bodies, regulators, and state governments. The insights gathered will guide the efficient implementation of Budget initiatives and help overcome any potential challenges.
Minister of State for Finance, Pankaj Chaudhary, emphasized that increasing the FDI limit would attract foreign capital and technology, enhancing insurance penetration and improving customer engagement processes. He also revealed that the Draft Insurance Laws Amendment Bill is in its final stages and will be presented soon.
Dr. Chandra Sekhar Pemmasani, Minister of State for Rural Development and Communications, highlighted how India Post Payments Bank (IPPB) is revolutionizing last-mile financial access by integrating its services with Post Office Savings Accounts. This integration, along with initiatives like expanding Aadhaar-enabled payment systems and AI-driven microfinance, will enhance rural financial inclusion.
In his session, M Nagaraju, Secretary of the Department of Financial Services, shared that the MUDRA Scheme has sanctioned Rs 33 lakh crore in loans, and the Stand-Up India initiative has supported Rs 59,000 crore across 2.62 lakh accounts. Furthermore, Rs 14,000 crore has been disbursed under the PM SVANidhi scheme, benefiting 99 lakh accounts. Nagaraju also announced plans to create a unified forum for better collaboration among pension sector regulators, aiming to improve consumer protection and grievance redressal.