Reduction of DPIIT allocation in the 2019-20 budget
New Delhi, July 6 () The Minister of Finance, Nirmala Sitharaman, has reduced the budget allocation for the Department for the Promotion of Industry and Internal Commerce (DPIIT), which deals mainly with the promotion of foreign direct investment and investment. the creation of companies.
According to the budget documents, the allocation for the department has been reduced to Rs 5,674.51 crore for 2019-20 from the revised estimate of Rs 6,140.23 crore in 2018-19.
The segments where the allocations for the current fiscal were cut include national industrial corridors, industrial development of backward and remote areas, and India's start-up initiative.
However, allocations were significantly improved for the intellectual property section to Rs 300 crore from the revised estimate of Rs 212 crore in 2018-19.
Similarly, it was increased to Rs 473 crore for the Make in India initiative for 2019-20 from Rs 149 crore.
The Make in India campaign, which aims to transform the country into a global manufacturing center, was launched on September 25, 2014.
Budgetary allocations for the department of commerce have increased marginally.
According to the documents, the allocation for the department has increased marginally to Rs 6,219.32 crore for 2019-20 from the revised estimate of Rs 6,195.30 crore in 2018-19.
For foreign trade and export promotion, it increased to Rs 824 crore for 2019-20 from Rs 815 crore. Similarly for the export promotion schemes, the allocation was increased to Rs 4,025 crore for the current fiscal from Rs 3,681 crore. RR CS SHW MR