India Budget 2024: Rs 1 Lakh Crore Corpus For Research In Sunrise Sectors

Indian Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament, highlighting that the government’s proactive inflation management has helped keep inflation within the band. The interim budget was  presented ahead of the Lok Sabha elections due later in 2024, after which a full-fledged budget will be presented by the new government.

The finance minister began her budget speech with the achievements of the government in the last 10 years. She said that the Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth. The government had established 3000 ITIs and large institutions of higher learning including 7 IITs, 16 IIITs, 7 IIMs and 15 AIIMs and 390 universities. The number of airports in the country have doubled to 149 in last 10 years, she said.

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Finance Minister Announces Incentives To Various Sectors

The government announced a corpus of Rs 1 lakh crore with 50-year interest free loans will provide long term financing at low or nil interest rates for the private sector to scale up research in sunrise sectors. The Finance Minister announced the Aspirational Districts Programme, under which the government will assist the states in faster development of aspirations districts and blocks including generation of ample economic opportunities.

Also, the government announced in the budget an increase in the number of medical colleges for improved healthcare services. For setting up of more medical colleges, a committee will be set up to examine the issues and make relevant recommendations. Also, all maternal and child healthcare schemes will be brought under one comprehensive scheme, Sitharaman said. The government will encourage vaccination for girls for prevention of cervical cancer.

The government will encourage pubic and private participation for agricultural sector related services like post harvesting activities, modern storage, processing, marketing and branding of agri products. She said that the Indian economy has witnessed a profound transformation in the last 10 years. The people of India are looking to the future with hope and optimism, with the trinity of democracy, demography and diversity fulfilling aspirations of every Indian.

Towards Sustainable Future

The minister said the government would provide incentives from the free solar electricity scheme. With the rooftop solarization initiative, 1 crore households will be enabled to obtain 300 units of free electricity every month, she said.

“Our government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities and contribute to generation of resources to power investments and fulfill aspirations.”

With the industry expansion and adoption of electric vehicles, the charging infrastructure would be a source of employment for technical and skilled workforce. The electric vehicle charging infrastructure would provide entrepreneurial and employment opportunities for technical workforce while maintenance of the infrastructure would provide for employment to skilled workforce. Overall, the government will expand and strengthen the electric charging ecosystem by supporting manufacturing and charging infrastructure. A new scheme of bio manufacturing will be launched to promote green growth.

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