Finance Minister Nirmala Sitharaman is presenting her seventh consecutive budget in Parliament today, July 23. The budget for the fiscal year 2024-25 is seen as the action plan for the Modi 3.0 government, outlining India’s development trajectory for the next five years.
In her address, the Finance Minister is making various announcements aimed at different sectors of the economy. One significant announcement is the revision of the Model Facilities Loan Scheme. Sitharaman stated that the scheme will be adjusted to provide two loans of up to Rs 7.5 lakh each, backed by a government-promoted guarantee fund.
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This year’s budget is designed to cater to a broad spectrum of interests, encapsulated in nine key priorities set by the government. Let’s delve into the significant changes and announcements concerning the technology sector.
The Finance Minister has announced a reduction in the customs charge on phones and chargers by 15%. This move is part of a broader strategy to foster domestic production. Additionally, a 15% reduction in customs duty on mobile parts, gadgets, and components used in PVC manufacturing has been declared. This reduction is expected to boost the domestic manufacturing sector, making it more competitive.
In a significant push towards renewable energy, the Finance Minister has launched the PM Surya Ghar Free Electricity Scheme. This initiative aims to install solar panels on the rooftops of one crore houses, promoting sustainable energy usage across the country.
To further drive innovation, a mechanism will be established to encourage private-driven research at the commercial level. This initiative will be supported by a substantial financial pool of Rs 1 lakh crore, providing a significant boost to research and development activities in India.
In addition to these measures, the government is also focusing on space technology development. A venture capital fund of Rs 1,000 crore will be set up to support advancements in this sector. This fund is expected to propel India’s space technology capabilities, fostering innovation and new ventures in this high-tech field.
The Finance Minister also highlighted the integration of the e-Shram Portal with other governmental portals. This comprehensive integration aims to streamline services and provide better accessibility for workers, enhancing the overall efficiency of governmental services.
These announcements reflect the government’s commitment to fostering growth and innovation across various sectors, particularly in technology and renewable energy. The reduction in customs duties on tech components, the promotion of solar energy, and the substantial financial support for research and space technology development are key highlights that underscore the budget’s forward-looking approach.
In summary, Finance Minister Nirmala Sitharaman’s budget presentation today has laid out a comprehensive plan aimed at driving India’s growth over the next five years. With significant measures to boost domestic production, promote renewable energy, and support technological advancements, the budget reflects a balanced approach to economic development. The integration of various government services through the e-Shram Portal further illustrates the government’s focus on efficiency and accessibility, ensuring that the benefits of these initiatives reach all segments of society
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