Corpus Of Rs1 Trillion Proposed @ 50 Year Interest-Free Loan For Tech Savvy Youth

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 Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman departs from North Block to Parliament House, along with the MoS for Finance, Pankaj Chaudhary, the MoS for Finance, Dr Bhagwat Karad to present the Union Budget 2024, in New Delhi on February 01, 2024.

FinTech BizNews Service   

Mumbai, February 1, 2024: The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Union Budget 2024, in the Parliament in New Delhi on February 01, 2024. FM proposed setting up a corpus of rupees one lakh crore to enhance usage of new age technologies, especially amongst youth.

Technological Changes

• 1. New age technologies and data are changing the lives of people and businesses. 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’. Opportunities for India at the global level are expanding. India is showing solutions through innovation and entrepreneurship of its people. 

Research and Innovation for catalyzing growth, employment and development

• 2. Prime Minister Shastri gave the slogan of “Jai Jawan Jai Kisan”. Prime Minister Vajpayee made that “Jai Jawan Jai Kisan Jai Vigyan”. Prime Minister Modi has furthered that to “Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan”, as innovation is the foundation of development. 
• 3. For our tech savvy youth, this will be a golden era.
  A corpus of rupees one lakh crore (Rs1 Trillion-Tn) will be established with
  fifty-year interest free loan. The corpus 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.
• 4. A new scheme will be launched for strengthening
  deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.