Budget 2024: Will focus on Anusandhan make India lead innovator by 2047?
FirstpostThe Narendra Modi government has floated a corpus of Rs 1 lakh crore for long-term zero-interest or low-cost loans for research and development activities In the Interim Budget 2024-25, Union Finance Minister Nirmala Sitharaman put research and innovation at the centre of the pathway of India to be a developed nation by 2047, when it celebrates a hundred years of its Independence. Echoing Modi’s remark, Sitharaman said in her Interim Budget speech that research and innovation would catalyse India’s growth, generate employment, and lead to development. Expectations from Budget 2024-25 for science & tech In addition to the push for the ambitious Rs 1 lakh crore R&D corpus that Sitharaman announced in the Interim Budget, the Modi government is expected to focus on emerging technologies, artificial intelligence research, production-linked incentive schemes for R&D and manufacturing including semiconductors and other critical technologies, renewable energy technologies, and digital initiatives, among others. The Budget 2024-25 is expected to continue the Modi government’s push for self-reliance in electronics and digital infrastructure The report further said that expectations are high for increased allocations towards digital infrastructure, AI, and cyber security at a time when the Modi government looks forward to bolster India’s position as a global tech hub.