New Delhi, July 9 (KNN) Budget 2019 will help promote Make in India initiatives, Micro Small and Medium Enterprises (MSMEs), and budding entrepreneurs, said Secretary of Department for Promotion of Industry and Internal Trade (DPIIT), Ramesh Abhishek.

He said the proposals announced for further liberalizing Foreign Direct Investment (FDI) norms will help attract overseas capital. Also, budget has laid down a comprehensive roadmap to boost economic activities and promote MSMEs, Make in India and startups.

He said, "Recognizing the role of foreign investment in augmenting the available pool of capital, FDI reforms, and other changes in foreign portfolio investments or NRI investments have been announced.”

Abhishek also said steps have been announced to eliminate delays caused in government payments to suppliers and contractors. Since departments give payments in 10 days to suppliers and contractors under government e-marketplace portal norms, the same can be replicated at other transactions.

Finance Minister had said that the government will examine suggestions of further opening up of FDI in aviation, media Animation, Visual effects, Gaming and Comics (AVGC) and insurance sectors in consultation with all the stakeholders.

The minister has said 100 percent Foreign Direct Investment (FDI) will be permitted for insurance intermediaries and local sourcing norms will be eased for FDI in single brand retail sector.

She had proposed to provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles as part of efforts to accelerate adoption of eco-friendly mobility solutions.

The finance minister has also announced that customs duty is being exempted on certain parts of electric vehicles (EVs) to further incentivize e-mobility in the country.