Union Budget 2023: In Budget 2023, announcements under 'Make In India' and 'Vocal for Local' initiatives are expected regarding the setting up and promotion of export hubs at the district level. The Finance Ministry will be focusing on the theme of 'Make In India' and 'Vocal for Local' and allocate a budget for promoting local businesses.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

As per the sources from the Ministry of Finance, the government has announced a fund of Rs 4500-4800 crores for setting up export hubs at the district level. The government is planning to lay out the plan to make every district an export hub under 'One District One Product' (ODOP).

 

Budget 2023: What is One District One Product - ODOP?

One District One Product (ODOP) is a theme introduced by the government of India that aims to reap the benefit of scale in terms of procurement of inputs, availing common services, and marketing of products. ODOP for the scheme provides the framework for value chain development and alignment of support infrastructure.

After the announcement is made in the Budget, the plan is to start pilot projects from 50 districts across the country. Once the pilot is launched successfully, the aim is to set up 750 more such clusters of export hubs in different districts in India. The government has also ensured that adequate logistics and multi-modal connectivity will be made for these.

Districts as Export Hubs is the first such initiative of the Government of India which aims to target export promotion, manufacturing, and employment generation at the grass-root level and has made States and Districts accountable for the export growth from the districts in the country. 

Under the 'Districts as Export Hubs Initiative', products and services (including GI products, agricultural clusters, toy clusters, etc.) with export potential have been identified in all districts of the country in consultation with the stakeholders including the States/UTs.

 

Click Here For Latest Updates On Stock Market | Zee Business Live