Budget 2024: Government announced 1 lakh crore corpus to aid finance research in technology

Presenting the Interim Budget for FY2024-25, the government has announced a corpus of Rs 1 lakh crore and an interest-free loan will be provided for 50 years. The fundraising is supposed to encourage research and development in the private sector.

Budget 2024: Government announced 1 lakh crore corpus to aid finance research in technology

The corpus is envisaged to provide long-term financing or refinancing with long tenors and low or nil interest rates and it will encourage the private sector to scale up research and innovation primarily in the field of sunrise domain. Meanwhile, during the speech Finance Minister also mentioned about new scheme that will be launched for strengthening deep-tech technologies for defence purposes and expediting self-reliance theory.

PM Modi has applauded the innovation in terms of aligning the initiations with the Vision India phase with a special focus on empowering the poor and middle class while creating new employment opportunities. The basic intentions are related to boosting the fields of research and development in terms of technological perspective.

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 The government is encouraging that it is mainly focused on leveraging new-age technologies such as Artificial Intelligence [AI], Machine Learning [ML], and Blockchain in public services to bring socio-economic empowerment and inclusive growth.

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