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Budget proposes Rs 1 trn corpus to boost investment in sunrise technologies
Industry News- Feb 01,24
The Union Finance Minister Nirmala Sitharaman, while presenting the Interim Budget 2024-25, also proposed a new scheme for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
New Delhi
The Government, in the interim budget 2024-25, has proposed creation a corpus of Rs one trillion to boost private investment in sunrise technologies. The corpus will be established with 50-year interest free loan. It will provide long-term financing or refinancing with long tenors and low or nil interest rates.
Announcing this while presenting the Interim Budget 2024-25, the Union Finance Minister Nirmala Sitharaman, said, “This will mark a golden era for our tech savvy youth. This (corpus of Rs one trillion) will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology.”
She also proposed a new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’. Pointing out that new age technologies and data are changing the lives of people and businesses, the Finance Minister said that they are also enabling new economic opportunities and facilitating provision of high-quality services at affordable prices for all, including those at ‘bottom of the pyramid’.
Stating that opportunities for India at the global level are expanding, Sitharaman said, “India is showing solutions through innovation and entrepreneurship of its people.” She also stressed that research and innovation will catalyse India’s growth, generate employment and lead to development.
Interim budget 2024
Budget 2024-25
Budget
finance minister
Nirmala Sitharaman
deep-tech technologies
defence
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