India Union Budget 2025: Govt to support domestic electronic equipment industry, FM Sitharaman

Finance Minister Nirmala Sitharaman on Saturday (Feb 1) announced that the government will support the domestic electronic equipment industry to leverage Industry 4.0 opportunities for the benefit of youth.

In her budgetary speech, Sitharaman said that the national framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier-2 cities.

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Export Promotion Mission to be set up

The export Promotion Mission will be set up to improve export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets.

The Finance Minister who presented her eighth Union Budget announced that BharatTradeNet’ (BTN), a Unified platform for trade documentation and financing solutions, will be set up as a digital public infrastructure for international trade.

Period for handicrafts exports to be extended

She said that the period for handicrafts exports will be extended from six months to one year, further extendable by another three months. Wet Blue leather will be fully exempted from Basic Customs Duty (BCD).

The Basic Customs Duty on Frozen Fish Paste (Surimi) will be reduced from 30 per cent to 5 per cent for the manufacture and export of its analogue products.

Additionally, the time limit for export of foreign origin goods that were imported for repairs of railway goods will be extended from 6 months to one year, further extendable by one year.

(With inputs from agencies)