In a pivotal announcement during her budget speech the Finance Minister disclosed plans to establish a corpus of one lakh rupees through a fifty-year interest-free loan. This is aimed at fostering Research & Development (R&D). This corpus is poised to provide long-term financing or refinancing, and it is also hoped that this would featuring extended tenor at minimal or zero interest rates. The strategic move aims to catalyze a significant upswing in research and innovation within emerging sectors, thereby encouraging the private sector to play a pivotal role in shaping India’s technological landscape. The focus on sunrise domains underscores the nation’s dedication to staying at the forefront of cutting-edge advancements.
Read more: Charting a Course for India’s Innovative Ecosystem: Systems Approach to Budgetary Expenditure
Recognizing the potential of India’s youth in propelling development, the Finance Minister emphasized the need for comprehensive programs that harness the energy and creativity of the younger generation.
Moreover, the Finance Minister unveiled plans for a new scheme designed to bolster deep tech technologies, with a specific focus on their application in defense. The initiative aligns with the overarching goal of fostering “atmanirbharta” or self-reliance, reflecting the government’s commitment to enhancing indigenous capabilities in crucial sectors.
Read more: It’s not a guns and butter problem: The case for a larger Defense Budget
As the nation forges ahead on its path to economic resilience and technological prowess, the Finance Minister’s budgetary announcements underscore a strategic vision aimed at propelling India into a leading position on the global stage, particularly in the realms of innovation, defense, and self-sufficiency.
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