In a significant move to propel India’s technology frontier, Finance Minister Nirmala Sitharaman unveiled a series of policy initiatives in the Union Budget 2024, targeting the burgeoning tech and startup sectors. The budget highlights a clear focus on environmental sustainability and digital innovation, with remarkable steps to bolster the electric vehicle (EV) ecosystem and expand the nation’s tech capabilities.
The government pledges to amplify the EV infrastructure, promoting the manufacturing sector and the proliferation of charging stations. A notable aspect is the thrust on e-buses for cleaner urban mobility and the emphasis on securing digital payments. An upgraded iteration of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme is set to launch, backed by a significant allocation to galvanize the EV market.
Targeting green energy, the budget envisages aiding approximately one crore households through rooftop solarisation, seamlessly integrating with EV charging solutions. Households will benefit from up to 300 units of free electricity, further encouraging the adoption of green energy solutions.
A groundbreaking proposal includes establishing a ₹1 lakh crore corpus fund to nurture the tech-savvy youth, offering a 50-year interest-free loan for innovation and research. Additionally, the budget seeks to lure investments in electronic and hardware manufacturing through initiatives like the revamped Indian Semiconductor Mission and the Production Linked Incentive (PLI) scheme, earmarking a substantial budget for IT hardware manufacturing.
Enhancing the defense sector, a new scheme aims to foster deep tech initiatives, alongside maintaining tax incentives for startups and attracting sovereign wealth and pension funds investments, extending significant tax benefits until March 2025.
This budget symbolizes a comprehensive plan to steer India towards becoming a global tech powerhouse, with considerable investments in innovation, sustainability, and digital infrastructure, setting a promising trajectory for the nation’s technological advancement.
