Budget 2024 tech announcements: 5 things to know about what FM Nirmala Sitharaman declared
Budget 2024 includes key announcements by FM Nirmala Sitharaman for the tech sector such as free electricity, financing options, deep tech technologies for defense, electric vehicle ecosystem expansion, and support for technology in MSMEs.
Finance Minister Nirmala Sitharman presented the Budget 2024 in Parliament today, February 1. Interestingly, this was an Interim budget, while a full-fledged budget will be announced after the culmination of the general elections by the new government. As expected, the FM made several key tech announcements, introducing reforms in the sector. The FM herself presented the budget 2024 in paperless format via a digital tablet kept inside a red-coloured 'bahi khata' with the national emblem embossed on it. Industry experts had high expectations related to the field of artificial intelligence (AI), but no such announcement took place. Check out the key announcements for the tech sector from the Interim Budget 2024.
Budget 2024: 5 key announcements for the tech sector
1. The Finance Minister announced that one crore households will get up to 300 units of free electricity every month with rooftop solarization. It follows the resolve taken by Prime Minister Narendra Modi during the consecration ceremony of the Ram Mandir in Ayodhya on January 22.
2. A corpus of Rs. 1 lakh Cr. will be provided with long-term financing or refinancing options. This will be given for up to a period of 50 years with no interest and with low or nill interest rates. This is aimed at encouraging the private sector to scale up research and innovations, combining the powers of youth and technology.
3. A new scheme will be launched for strengthening deep tech technologies for defense purposes and export under the Aatmanirbhar Bharat infrastructure, the Finance Minister announced.
4. The Finance Minister announced the expansion of the electric vehicle (EV) ecosystem with the help of a supporting manufacturing and charging infrastructure. There will be a greater adoption of e-buses for public transport.
5. The Finance Minister said that the government's priority is to adequately and timely finance technology for Micro, Small and Medium Enterprises (MSMEs) to grow. To achieve this, the availability of relevant tech, proper training and adequate finances is crucial. FM said that the government will facilitate sustaining high and more resource-efficient economic growth. This move is aimed at contributing to energy security, in terms of availability, affordability and accessibility.
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