“Not being a new idea, Atmanirbhar Bharat is an ancient Indian culture, which was largely self-reliant, and a business centre for the world,” said the Honorable Finance Minister of India, Nirmala Sitharaman, during the Union Budget Presentation of 2021-2022.

The Union Budget is announced after several months of financial trauma due to the COVID-19 pandemic and the FM noted that this is only the third time a Budget has followed a contraction in the country’s economy.

“The Budget proposals for 2021-22 are based on six pillars – Health and well being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D and minimum government and maximum governance,” said Sitharaman.

The announced is made for strengthening the sankalp of the nation, greeting the farmer’s income to an elevated double figure, with strong infrastructure, healthy India, good governance, opportunities for youth, education for all, women empowerment and inclusive development and others.

She added, “For a Rs. 5 trillion economy, the Indian manufacturing sector has tog-row at double digits on a sustained business. The mainstream manufacturing companies are required to be an integral part of the global-supply chains, that possess core competence and cutting-edge technology.”

For achieving all, PLI schemes are required to create manufacturing global champions, which are announced for 13 sectors. Regarding this, the government has committee of Rs. 1.97 lakh crore over the 5 years starting from this financial year.

This step will help in bringing scale and size in key sectors, create and nurture global champions and provide jobs to the younger generation.