Union Finance Minister Nirmala Sitharaman made a significant announcement during the presentation of the Interim Budget 2024-25, unveiling the government’s ambitious plan to establish a Rs 1 lakh crore corpus aimed at driving private investment in sunrise technologies.
The initiative is set to usher in a “golden era for our tech-savvy youth,” as stated by the finance minister. The corpus will be formed through a fifty-year interest-free loan, providing substantial financial impetus to foster innovation and research in emerging technology sectors.
Sitharaman highlighted that the extended tenors and low or nil interest rates associated with long-term financing or refinancing will encourage the private sector to significantly escalate their efforts in research and innovation across sunrise domains.
In her address to Parliament, Sitharaman underscored the critical importance of combining the talent of India’s youth with cutting-edge technology. The Finance Minister said, “This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programs that combine the powers of our youth and technology.”
As part of the proposal, the Finance Minister 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 boost India’s defence capabilities through the infusion of innovative technologies.
Highlighting the transformative impact of new-age technologies and data, Sitharaman emphasized that these advancements are not only changing the lives of individuals and businesses but are also creating new economic opportunities. The Finance Minister stressed 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 endeavors. 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.
(Inputs from ANI)