NEW DELHI: In a landmark announcement during the presentation of the Interim Budget 2024-25, Union Finance Minister Nirmala Sitharaman revealed the government’s ambitious plan to create a corpus of Rs 1 lakh crore to propel private investment in sunrise technologies.
This corpus will herald what the Finance Minister described as a “golden era for our tech-savvy youth”. The corpus will be established through a 50-year interest-free loan, providing a substantial financial boost to foster innovation and research in emerging technology sectors.
Sitharaman emphasised that the long-term financing or refinancing with extended tenors and low or nil interest rates will encourage the private sector to significantly upscale their efforts in research and innovation across sunrise domains.
Pradhan Mantri Kisan Sampada Yojana has benefited 38 lakh farmers and generated 10 lakh jobs PM Formalization of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60,000 individuals with credit linkages Other schemes are helping reduce post harvest losses… pic.twitter.com/l7j3KGUh5E
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Addressing the Parliament, Sitharaman underscored the importance of combining the talent of India’s youth with cutting-edge technology. Sitharaman stated, “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”.
As part of the proposal, the Finance Minister also introduced a new scheme dedicated to strengthening deep-tech technologies for defence purposes, aligning with the broader vision of ‘atmanirbharta’ or self-reliance. This strategic move aims to fortify India’s defence capabilities through the infusion of innovative technologies.
Highlighting the transformative impact of new-age technologies and data, Sitharaman emphasised that these advancements are not only changing the lives of individuals and businesses but are also creating new economic opportunities.
The Finance Minister emphasized that these opportunities are facilitating the provision of high-quality services at affordable prices for all, including those at the ‘bottom of the pyramid.’
Sitharaman further pointed out that the global landscape offers expanding opportunities for India, with the nation showcasing solutions through innovation and entrepreneurial endeavours. The Finance Minister’s address echoed the sentiment that India is positioning itself as a technological leader on the global stage.
Emphasizing the role of research and innovation as catalysts for India’s growth, employment generation, and overall development, Sitharaman referred to the evolution of the national slogan.
She noted that from “Jai Jawan Jai Kisan” by Prime Minister Lal Bahadur Shastri , Prime Minister Modi has extended it to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan,” underscoring the foundational importance of innovation in the country’s development.
“Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development,” said FM Nirmala Sitharaman. (ANI)