Corpus will be established with fifty-year interest free loan
The Government has proposed to create a corpus of Rupees One Lakh Crore to boost private investment in sunrise technologies and mark a golden era for tech savvy youths.
While presenting the Interim Budget 2024-25 in Parliament on 1 Feb, the Minister for Finance & Corporate Affairs Nirmala Sitharaman said, “This proposal will mark a golden era for our tech savvy youth.”
The corpus will be established with fifty-year interest free loan. It will provide long-term financing or refinancing with long tenors and low or nil interest rates.
“This will encourage the private sector to scale up research and innovation significantly in sunrise domains. We need to have programmes that combine the powers of our youth and technology,” the Minister said.
Sitharaman also proposed a new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
Pointing out that new age technologies and data are changing the lives of people and businesses, the Minister said that they are also enabling new economic opportunities and facilitating provision of high-quality services at affordable prices for all, including those at ‘bottom of the pyramid’.
Stating that opportunities for India at the global level are expanding, Sitharaman said, “India is showing solutions through innovation and entrepreneurship of its people.”
She stressed that Research and Innovation will catalyze India’s growth, generate employment and lead to development. Fiinews.com
