In what comes as a big boost for smartphone industry, Finance Minister Nirmala Sitharaman has proposed a new scheme for manufacturing cell phones, semi conductors and other electronic devices. In her second Budget presentation on Saturday afternoon, the finance minister said, India needs to boost domestic manufacturing and attract investment in electronic manufacturing.

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The vision of the government is to make each district an export hub, Sitharaman said. The government aims to facilitate clearances even at the state level and also set up investment clearance cell to give investors free investment advisory, she added.

Sitharaman also said youth and fishery extension work will be enabled by rural youth as 'Sagar Mitras' and 500 fish farmer organisations will be set up. She further said milk processing capacity will be doubled by 2025.

Talking about country's economy, the finance minister said that Central government's debt reduced to 48.7% of GDP in 2019 from 52.2% and has clocked a GDP growth of 7.4% over 2014-19 & FDI increased from $119 bn in 2009-14 to $ 284 billion.

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"There are one million people out of poverty and we should be proud of it. We have moved on from over 4 per cent growth in 1950s to 7.4 per cent to 2014-19 period. Motto of `Sabka saath, sabka vikas and sabka vishwas` has implemented new programmes for the poor and disadvantaged under Prime Minister Modi," she said.

"We have clocked a GDP growth of 7.4% over 2014-19 and FDI increased from $119 billion in 2014-19 to $284 billion", she added. 

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