Finance minister Nirmala Sitharaman presented the 2024-25 Interim Budget on Thursday, unveiling a strategic plan focused on India’s development through research and innovation. “For our tech-savvy youth, this will be a golden era”, the finance minister said, echoing Prime Minister Narendra Modi’s vision of ‘Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan’.
With major focus on development through research and innovation, Sitharaman said a significant move in this direction will be the establishment of a corpus of Rs 1 lakh crore, financed by a 50-year interest-free loan.
“The corpus 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,” she added.
Commenting on this, Anil Joshi, Managing Partner at Unicorn India Ventures, said the budget of Rs 1 lakh crore towards the sunrise segment (the sector or businesses that show promising boom or rapid growth) at a nominal or zero interest rate will certainly help small businesses.
Acknowledging the transformative impact of new-age technologies and data, Sitharaman also underlined their role in changing lives and businesses. These technologies not only offer new economic opportunities but also enable the delivery of high-quality services at affordable prices, even for those at the bottom of the economic pyramid.
The finance minister stressed that India is positioned to provide global solutions through the innovation and entrepreneurship of its people, showcasing the country’s expanding influence on the world stage.
Focus on Deep Tech
Sitharaman also that a new scheme will be introduced to strengthen ‘deep technology’ for defence, aligning with the overarching goal of ‘Atmanirbharta’ or self-reliance.
The initiative will boost indigenous capabilities and enhance national security through cutting-edge technological advancements, she added.
Mayuresh Raut, Co-founder & Managing Partner at Seafund, believes that this will not only help the government start addressing the Make in India initiative through indigenous technologies in defence but also unlock such technologies for the benefit of the common man.
Meanwhile, ESC Chairman Sandeep Narula said: “We welcome the reference the finance minister made about the need for focusing on R&D, innovation, deep tech in defence, further e-connecting agricultural markets, application of digitization of the logistics sector, and e-security, which are the future growth pointers that can deepen not only inclusive growth but also build a strong technology base to catalyse a multidimensional economic growth.”
Expand Electric Vehicle Ecosystem
In the realm of sustainable transportation, Sitharaman said the government plans to expand and fortify the electric vehicle segment.
Support for manufacturing and charging infrastructure, along with the encouragement of e-buses for public transport networks through a robust payment security mechanism, underscores the commitment to a cleaner and greener future.
Unicorn India Ventures’ Anil Joshi said the focus on boosting EV charging stations will drive sale of both vehicles and charging infrastructure.
Sanjay Gupta, Chairman of India Electronics and Semiconductor Association (IESA) said: “The focus on the E-vehicle ecosystem, backed by robust support for manufacturing and charging infrastructure, aligns with global environmental goals, offering avenues for innovation and economic growth.
“As stakeholders in electronics and semiconductors, we anticipate a surge in entrepreneurship, job creation, and a flourishing innovation ecosystem. The budget’s support for semiconductor usage in EVs aligns with global trends, positioning India at the forefront of the electric mobility revolution. We eagerly anticipate actively contributing to this transformative journey”.
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