New Delhi, Jul 5 (IANS): In a bid to boost economic growth, Finance Minister Nirmala Sitharaman has proposed in the full-Budget 2019-20 to launch a scheme inviting global companies through competitive bidding to set up mega-manufacturing plants in advanced technology areas.

According to Sitharaman's maiden Budget presented on Friday, mega investment involves "sunrise and advanced technology areas".

The scheme envisages investment-linked income tax exemptions under "section 35 AD of the Income Tax Act, and other indirect tax benefits".

It will focus on manufacturing of "semi-conductor fabrication (FAB), solar photo voltaic cells, lithium storage batteries, solar electric charging infrastructure, computer servers and laptops," the minister said.

On its part, India Inc welcomed the FDI announcement with the industry body Assocham President B.K. Goenka terming the boost to high-technology manufacturing like semi-conductor as an innovative measure.

"The Budget targets specific areas for promoting Make in India such as MSMEs, start-ups, defence manufacturing, automobiles, and electronics," said D.K. Srivastava, Chief Policy Advisor, EY India.

"The government proposes to attract global companies through competitive bidding to invest in advanced technology areas relating particularly to electronics by setting up of mega-manufacturing plants."