Today, on February 1, Finance Minister Nirmala Sitharman introduced the Budget 2024 to the Parliament. It is important to remember that this was an interim budget, and the next administration would unveil the full one following the general elections.
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As expected, the Finance Minister (FM) revealed some noteworthy technology advancements that brought about adjustments in the sector. The 2024 budget was personally presented by the FM on a tablet computer, doing away with paper paperwork. The tablet was kept safe within a scarlet “bahi khata” that bore the flag of the country.
Experts in the industry expected artificial intelligence (AI) to make big strides, but none of them were revealed. Rather, we need to focus on the significant statements included in the Interim Budget 2024 related to the technology sector.
Tech Sector Lessons from the Budget 2024: A Rundown of the Top 5 Findings
- Prime Minister Narendra Modi promised, during the Ram Mandir consecration ceremony in Ayodhya on January 22, that one crore households would receive up to 300 units of free electricity per month through rooftop solarization. The Finance Minister has since made this announcement.
- A sum of one lakh crore rupees would be made available for refinancing or long-term funding. This fund will have either low interest rates or none at all for a maximum of 50 years. Motivating the private sector to increase research and innovation while utilising technology and the potential of youth is the goal.
- As part of the Aatmanirbhar Bharat infrastructure, the Finance Minister announced that a new programme will be launched to improve deep technology capabilities for defence and international trade.
- The government has revealed measures to support the development of the electric vehicle market, including the construction of a strong infrastructure for production and charging. By promoting the widespread use of electric buses for public transport, this programme seeks to lower carbon emissions and advance sustainable mobility.
- The Finance Minister stressed that securing timely and adequate funding for technology is the government’s top priority in order to support the growth of Micro, Small, and Medium-Sized Enterprises (MSMEs). This project needs access to the right technology, sufficient funding, and appropriate training. The government’s goal is to sustain strong and resource-efficient economic growth, which will guarantee supply, accessibility, and affordability and so enhance the country’s energy security.