Tech Budget 2024: Govt Unveils Historic Rs. 1 Lakh Cr Fund for Tech-Savvy Youth

In her Interim Budget 2024 address to Parliament, Finance Minister Nirmala Sitharaman introduced a landmark initiative for the nation's tech-savvy youth. Unveiling a corpus of one lakh crore rupees, along with 50-year interest-free loans, Sitharaman aims to usher in a golden era for technology-driven innovation. This fund is strategically designed to provide long-term financing or refinancing, fostering research and innovation in the private sector, particularly in emerging fields.

Sitharaman underlined the historical progression of slogans, stating, "Prime Minister Shastri championed 'Jai Jawan Jai Kisan,' and Prime Minister Vajpayee expanded it to 'Jai Jawan Jai Kisan Jai Vigyan.' Prime Minister Modi has now extended it to 'Jai Jawan, Jai Kisan, Jai Vigyan and Jai Anusandhan,' recognizing that innovation is the bedrock of development."

Focusing on the transformative impact of new-age technologies, Sitharaman highlighted their role in creating economic opportunities and delivering high-quality services at affordable prices, even for those at the bottom of the socioeconomic pyramid. She emphasized India's potential to provide global solutions through citizen-driven innovation and entrepreneurship.

Addressing environmental sustainability, Sitharaman outlined measures to achieve 'net-zero' by 2070. This includes extending viability gap funding for offshore wind energy and establishing coal gasification and liquefaction capacity to reduce imports of natural gas. Additionally, a phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) and piped natural gas (PNG) for domestic use will be mandated. Financial assistance for biomass aggregation machinery will support collection efforts.

Finance Minister Nirmala Sitharaman's strategic initiatives underscore the government's commitment to fostering technological innovation, sustainability, and economic growth. The Rs. 1 Lakh Cr fund represents a monumental step towards empowering the youth and leveraging technology for the nation's development.