Finance Minister Nirmala Sitharaman has reduced the budgetary allocation for the Department for Promotion of Industry and Internal Trade (DPIIT), which mainly deals with promotion of foreign direct investment and promote start-ups.
According to the budget documents, the allocation for the department has been slashed 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 allocations were cut for the current fiscal include national industrial corridors, industrial development of backward and remote areas, and startup India initiative.
However, allocations were significantly enhanced for 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.
Make in India campaign, which aims to transform the country into a global manufacturing hub was launched on September 25, 2014.
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The budgetary allocations for the commerce department have been increased marginally.
According to the documents, the allocation for the department has been marginally increased 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 was enhanced to Rs 824 crore for 2019-20 from Rs 815 crore.
Similarly for export promotion schemes, the allocation was increased to Rs 4,025 crore for the current fiscal from Rs 3,681 crore.