Finance Minister Nirmala Sitharaman chose a digital approach to announce the Interim Budget 2024 before Parliament. The budget was presented on a tablet housed inside a red ‘bahi khata’ with the national insignia emblazoned on it. Despite industry insiders expecting significant progress in artificial intelligence, the budget focused on other important tech-related announcements.
The following five points pertain to today’s interim tech budget:
- In a significant announcement, Sitharaman said that one crore families would get free power for up to 300 units per month through rooftop solarization, in line with the pledge made by Prime Minister Narendra Modi on January 22 during the consecration ceremony of the Ram Mandir.
- A sizeable sum of Rs. 1 lakh Cr. was set aside in the budget for long-term financing or refinancing options that have interest rates as low as possible or as high as nonexistent for up to 50 years. By utilising the combination of youth and technology, this project seeks to promote research and developments in the private sector.
- A new plan will be unveiled to support deep tech technologies under the Bharat infrastructure, addressing defence and export capacities. This action demonstrates the government’s dedication to encouraging independence and creativity.
- The ecosystem surrounding electric vehicles (EVs) is expected to grow, with an emphasis on improving the infrastructure for manufacturing and charging. The government intends to further promote the use of e-buses in public transportation, demonstrating its dedication to environmentally friendly transportation.
- Sitharaman emphasized technology’s vital role for MSMEs, with government prioritizing funding to ensure timely support for growth. Energy security emphasized.
The budget outlined a strategy for leveraging technology to foster socioeconomic growth, despite lacking specific artificial intelligence initiatives.
