Union Budget has brought out a series of reform and support measures, said Piyush Goyal. (File)
Union Minister Piyush Goyal on Tuesday said India will expand its production by Rs 20 lakh crore and asserted that the Union Budget 2021-22 promotes entrepreneurship, international trade and enhance business confidence, both for stakeholders doing domestic and international business.
While interacting with media through video-conferencing, Commerce and Industry Minister Mr Goyal said: "Through a series of announcements of production linked incentives, the government has come up with measures which will expand production ecosystem by about Rs 20 lakh crore."
"Union Budget has brought out a series of reform and support measures. Both fiscal and monetary to help the industry get back on its feet in the post lockdown period. Production Linked Incentives (PLI), Quality control, and ease of doing initiative will help to enhance our production by Rs 20 lakh crore," he added.
Highlighting the announcements of Budget related to Commerce and Industry Ministry, Mr Goyal said that this budget one hand, provided the middle class, particularly the packages simultaneously brought out a series of reforms and support measures both fiscal and monetary to help industry, get back on its feet in the post lockdown period.
"To help industry with liquidity support to help businesses in the domestic sector and our international trade goods and services to once again get back to its original numbers, and then move forward with the strength to make the economic activity on a fast track," he said.
He added that in this budget there is a lot of emphasis on infrastructure having huge multiplier impact.
"With that, the multiplier effect is believed that there will be a significant impact to economic growth in the coming year, and the years to come. Government support to infrastructure, private sector investments in infrastructure will boost to the economy," he said.