The Finance Minister proposed a new corpus of Rupees One Lakh Crore to boost private investment in sunrise technologies, aiming to create a golden era for tech-savvy youth. The corpus will be set up with a fifty-year interest-free loan. A new scheme is also proposed to strengthen deep-tech technologies for defense and expedite ‘atmanirbharta’. The Finance Minister emphasized the transformative impact of new age technologies and data on people and businesses, leading to new economic opportunities and high-quality services. She highlighted the significance of research and innovation in India’s growth and employment generation, referencing the slogans of previous Prime Ministers and emphasizing the role of innovation as the foundation of development.
FINANCE MINISTER PROPOSES A NEW CORPUS OF RUPEES ONE LAKH CRORE TO BOOST PRIVATE INVESTMENT IN SUNRISE TECHNOLOGIES
“THIS WILL MARK A GOLDEN ERA FOR OUR TECH SAVVY YOUTH,” SAYS SMT. NIRMALA SITHARAMAN
CORPUS WILL BE SET UP WITH FIFTY-YEAR INTEREST FREE LOAN
A NEW SCHEME PROPOSED TO STRENGTHEN DEEP-TECH TECHNOLOGIES IN DEFENCE AND EXPEDITE ‘ATMANIRBHARTA’
NEW AGE TECHNOLOGIES AND DATA CHANGING THE LIVES OF PEOPLE AND BUSINESSES: FINANCE MINISTER
The Government proposes to create a corpus of Rupees One Lakh Crore to boost private investment in sunrise technologies.
While presenting the Interim Budget 2024-25 in Parliament today, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman said that this will mark a golden era for our tech savvy youth.
The corpus will be established with fifty-year interest free loan. It will provide long-term financing or refinancing with long tenors and low or nil interest rates.
“This 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,” the Finance Minister said.
Smt. Sitharaman also proposed a new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
Technological Changes
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, Smt. Sitharaman said, “India is showing solutions through innovation and entrepreneurship of its people.”
Research & Innovation
Stressing that Research and Innovation will catalyze India’s growth, generate employment and lead to development, Smt. Sitharaman said that Prime Minister Lal Bahadur Shastri gave the slogan of “Jai Jawan Jai Kisan” and Prime Minister Atal Behari Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”.
“Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development,” she said.