India Post to Become Large Logistics Body with 1.5 Lakh Rural Offices

New Delhi, Feb 1 (PTI) Finance Minister Nirmala Sitharaman on Saturday announced the government's plan to transform India into a large logistics organisation with 1.5 lakh rural post offices.

Presenting her eighth straight budget, Sitaraman said India Post will be transformed into a large public logistic organisation with 1.5 lakh rural post offices to become a catalyst for the rural economy.

She also announced the government's plan to set up an urea plant with a 12.7 lakh tonne capacity in Assam.

Further, the finance minister announced the enhancement of investment and turnover limit.

With quality products, she said, MSMEs (micro, small and medium enterprises) are responsible for 45 per cent of our exports.

Presenting the 14th consecutive Budget under the Narendra Modi-led government since 2014, the finance minister said the government will enhance credit guarantee cover for MSMEs to improve credit access.

On the rural economy, Sitharaman said the Centre will provide support to the National Cooperative Development Corporation for lending operations.