In announcing the Interim Budget 2024, Finance Minister Nirmala Sitharaman emphasized the transformative impact of technological changes, new age innovations and data on the lives of individuals and businesses. The budget, which was positioned as a catalyst for growth and development, emphasizes leveraging innovation to unlock economic opportunities and provide high-quality services at affordable prices, even to the economically disadvantaged.
The Finance Minister relied on the historical evolution of slogans, from Prime Minister Lal Bahadur Shastri's “Jai Jawan Jai Kisan”, to Prime Minister Atal Bihari Vajpayee's inclusion of the flag in the phrase “Jai Vigyan”. Prime Minister Narendra Modi strengthened the narrative, including technology and research with 'Jai Javan Jaik Kisan Jay Vigyan and Jay Anusandan', recognizing the crucial role of innovation in the development journey, especially for the tech-savvy youth.
A highlight of Budget 2024 is the creation of a Rs 1,000-crore loan, backed by a 50-year interest-free loan. This initiative aims to provide long-term financing or refinancing at low or no interest rates, a move that is expected to encourage the private sector to amplify research and innovation efforts, especially in emerging sectors.
“This marks the beginning of the golden age,” Sitharaman said. “The cluster is strategically designed to support long-term growth and development, and foster a strong research and innovation ecosystem. It will enable India to showcase solutions on the global stage.”
The budget also introduces a new scheme geared towards promoting deep technology technologies for various purposes, in line with the government's commitment to accelerate infrastructure development. Based on a significant three-fold increase in capex in the last four years, next fiscal year's expenditure sees a modest increase of less than 0.1%, totaling Rs 11,000 crore.
“This additional investment aims to maintain the momentum generated by previous capital expenditure, ensuring a multiplier effect on economic growth and job creation,” Sitharaman added.
With an emphasis on combining the ingenuity of youth with technology, the Budget envisions programs that will propel India to a leadership position in the global innovation landscape. As the country embraces this strategic approach, the stage is set for a new era of economic dynamism, driven by cutting-edge research and entrepreneurship.
