Union Budget 2024: A Boost for Technology and Innovation

Union Finance Minister Nirmala Sitharaman Announces Rs 1 Trillion Fund for Technology Research in Budget 2024

In a significant move to boost research and innovation in the technology sector, Union Finance Minister Nirmala Sitharaman announced a Rs 1 trillion fund during her budget presentation. This initiative aligns with Prime Minister Narendra Modi’s vision of “Jai Javan Jai Kisan Jai Vigyan and Jai Anusandhan,” aiming to support tech start-ups struggling to secure funding from private equity and venture capital firms.

Key highlights of the budget include the establishment of the Powering Innovation, Research & Development (R&D) Anusandhan National Research Fund, a Rs 1 trillion fund with a fifty-year interest-free loan. This fund is designed to provide long-term financing with low or no interest rates, focusing on boosting private sector research and innovation in emerging fields.

The budget also includes a venture capital fund worth Rs 1,000 crore dedicated to multiplying India’s space economy by five times over the next decade. This initiative aims to attract private investments, foster entrepreneurial ventures, and enhance India’s competitive position in the space industry.

Overall, the emphasis on innovation and research in the 2024 budget marks a bold step towards positioning India as a global technology leader. With substantial financial support and strategic initiatives, the country is set to make significant strides in technology, benefiting both the domestic economy and its international standing. The commitment to fostering a robust ecosystem for tech start-ups and research-driven innovations signals a new era of growth and prosperity for India.