The previous two terms of the Narendra Modi government saw the launch of some major national advanced technology missions, including for supercomputing, cyber-physical systems, and quantum technologies. These were coupled with initiatives to boost private sector participation with space and geospatial policies. India became the fourth to have a spacecraft’s lander touch down successfully on the moon. In parallel, there were concerns about the sidelining of basic research and stagnation in research funding as a percentage of the GDP. What then do leading scientists make of the new Budget in Modi’s third term?

N. Kalaiselvi, Director-General, Council of Scientific and Industrial Research:

Continuing with the focus on ‘Viksit Bharat’ like last year, this year’s Union Budget also spurs research and development in important areas such as climate-resilient agriculture, critical minerals, miniature and modular nuclear energy technology, energy-efficient technologies, etc.

Under the Budget priority entitled “Innovation, Research and Development”, the Hon’ble Finance Minister has clearly emphasised basic research and prototype development, including innovation and industry linkages. Expectedly, the space sector has received a massive boost.

In the Budget presentation, the Hon’ble Finance Minister listed nine priorities. 

In addition, I see a few other priority areas, such as “Productivity and Resilience in Agriculture”, “Energy Security”, and “Manufacturing and Services”, which provide research and development opportunities, and are also focus areas of CSIR.

The proposed “Critical Minerals Mission” and the exemption of customs duties on 25 critical minerals will significantly boost critical minerals research. Another area of national importance and global relevance is clean energy. Water supply, sewage treatment and solid waste management also figure as priority areas. Incidentally, CSIR is into technology development in all these areas.

In my opinion, the plan for “plug and play” industrial parks in 100 cities and the creation of a dozen industrial parks under the National Industrial Corridor Development Programme will provide significant opportunities for the uptake of indigenous technologies like those from CSIR labs. Importantly, there is a clear focus on commercialising technologies with the involvement of private sector-driven research.

To meet the fund requirements for various R&D activities as mandated by the Government of India, during the Financial Year 2024-25, the Hon’ble Finance Minister has earmarked an allocation of Rs 6323.41 crore for the Department of Scientific and Industrial Research.

The CSIR budget has increased by 10%, above last year’s. We will put in our best efforts to sustain our R&D activities in the allotted budget, and in case of further need, we will approach the Ministry of Finance at the time of revised estimates.

Rajesh Gokhale, Secretary, Department of Biotechnology (DBT):

The Union Budget presented by Hon’ble Finance Minister lays emphasis on transforming agriculture research in the country. The focus is on productivity and climate resilience in agriculture. The DBT established “speed breeding platforms” in the International Rice Research Institute (IRRI) in Varanasi; Punjab Agricultural University, Ludhiana; and the National Agri-Food Biotechnology Institute, Mohali, to shorten the developmental cycles of agricultural crops with improved attributes and climate resilience. Taking the example of rice crop, in field conditions, rice can be grown for a maximum of two to three generations in a year’s time. In a speed breeding facility four to six generations of rice crop is grown in a single year.

Further, several agricultural crop varieties with climate resilient and high productivity traits are being developed through phenotyping and genotyping the genetic resources pertaining to rice, wheat, chickpea, linseed, niger, safflower, sesame, green gram, cowpea, black gram, moth bean, horse gram, and rice bean.

Skilling of human resources to mobilise young minds towards futuristic innovations is also required at doctoral/PhD training [levels], which is traditionally an individual enterprise. The recently launched i3C BRIC-RCB PhD programme, designed to solve national problems through collaborations, espouses multi-disciplinary learning. This will inculcate innovation as well as skilling and create scientists with cross-disciplinary expertise in cutting-edge areas of biosciences and biotechnology.

The angel tax abolition is a major incentive for startups raising private capital. For the high risk biotechnology sector, the angel tax was a discouragement to attract investments. The 2024 Budget announcement will pave the way for investment inflow — a very welcome step for promoting deep-tech life sciences startups that require to raise several small rounds at the pre-product level, which typically is supported by the government, angel investors, and high net-worth individuals.

When seen in conjunction with provisions for FDI promotion in the Budget, this will create a robust pipeline of angel-funded portfolio companies ready to be picked up by VC firms post-BIRAC funding for high-risk and early-stage ideas. [BIRAC is the Biotechnology Industry Research Assistance Council.]

R&D efforts in our country are primarily academia-centric. Most often the innovations that occur at the laboratory level fail to get commercialised. To bridge this gap, R&D efforts in private companies on equal footing is required. In this direction, operationalisation of the Anusandhan National Research Foundation (ANRF) for basic research and prototype development with a corpus of Rs 1 lakh crore will pave the way for private sector-driven research and innovation.

Subhash Lakhotia, Distinguished Professor, Banaras Hindu University:

The actual expenditure of S&T and higher education in 2023-2024 was much less than the initial allocation for that year.

The suggested allocations for 2024-2025 are not very different from that in 2022-2023 because of this reason. They may deceptively appear much greater than last year, but in most cases the increase appears to be less than 10% of that in 2022-2023. This is indeed disappointing since this nominal increase would be, if it is not already, offset by inflation.

Additionally, because of increasing numbers of public and private institutions, the level of competition has substantially increased. Therefore the quantum available per capita would become much less than in 2022-2023. An additional worry is whether the actual available funds would really match the allocated budget. The situation in 2023-2024 provides a red signal!

The ANRF could make a small difference if and when this becomes operational. As of now, it seems to be in limbo!

And I do not think that as a percentage of the GDP, the allocation in this year has shown any increase. Unless that happens, we will continue at the same level or actually go down.

The zero budgeting system (ZBS) and quarterly reports remain problems. Quality basic research projects cannot have a one-to-one correlation between ‘targets planned’ and ‘targets achieved’ because in any research effort, there is a lot that remains unknown. Thus the mandated quarterly reports put unnecessary burden and stress on researchers. It is only when the actual results are different from the expected that a real quantum advance happens.

Tapasya Srivastava, professor, Department of Genetics, University of Delhi South Campus:

The previously announced ANRF is to be made operational with a focus on both basic science research as well as prototype development. The interim budget had already announced a corpus of Rs 1 lakh crore for R&D for innovation, to be led by the private sector. The establishment of a separate venture capital fund for space technology also has the potential to spur startups. However, given the enormous capital requirements of space tech, the allocation of Rs 1000 crore seems inadequate.

The Budget has announced measures to step up clean energy generation, including solar and nuclear energy, with concerted measures such as reducing taxation on critical input raw materials and minerals.

The allocation for the Production Linked Incentive (PLI) scheme for pharmaceuticals increased to Rs 2143 crore; it will help boost domestic pharmaceutical manufacturing. But specific announcements for the health and wellness of the youth along with employment generation would have been welcome.

While the Budget may not have many headline announcements for science conventionally, there are some heartening steps. The stress on employment generation and the internship scheme would undoubtedly help many students of science get into well-known companies. In the long run, this will encourage students to take up science as a career with more opportunities beyond academia.

C.P. Rajendran, National Institute for Advanced Studies:

The government plans to set up a venture capital fund of Rs 1,000 crore to promote space technology. There is also a major push for R&D of new nuclear technology. The government will partner with the private sector to set up small reactors and develop newer technologies for nuclear energy.

The Finance Minister said they will operationalise the ANRF for basic research and prototype development. What is intriguing is the mention of “prototype” development along with “basic research”. Generally, prototype development means the “initial stage of software development” before finally releasing the product in the market or for users. It’s not clear as to what prototype development has to do with research in basic sciences. Does it mean the government is only interested in translational research with technological applications? That goes against the stated objectives of the ANRF. The government should make clear what kind of research they want to fund through ANRF. 

The ANRF was purportedly created to prioritise research facilities in universities and colleges. Most of India’s 40,000 higher education centres are run by States and have limited funding opportunities. State establishments get only about 11% of the funds provided by the DST and 65% of funding goes to IITs under the Union Government. The ANRF wants to change this disparity, but what is the mechanism?

Overall, the budget allocation has some nominal increases, nothing exciting. A long-standing demand from the scientific community is to arrange for higher government funding because the private sector has not shown much interest in investing in basic research.

T.V. Padma is a freelance science journalist.

India’s Finance Minister Nirmala Sitharaman holds up a folder with the Government of India’s logo as she leaves her office to present the union budget in the parliament in New Delhi, India, July 23, 2024.
| Photo Credit: ALTAF HUSSAIN

Union Finance Minister Nirmala Sitharaman, on Tuesday, presented the first Union Budget of the third term of the Narendra Modi-led NDA government. The Hindu Data team has compiled a series of graphs to analyse the impact of the Budget on select sectors and schemes. 

Data shows that expenditure as a share of the total budget on infrastructure has increased. In contrast, expenditure on major schemes in the social sectors, which includes education, pension and health, have either stagnated or declined. Spending on agriculture too, when considered as a share of the total budget, has stagnated. 

Before delving into individual sectors and schemes, the graph below provides an overview.

The graph below depicts the budgeted expenditure (Rs crore) for FY25BE and the change from FY24RE in percentage points. The bigger the rectangle, the higher the allocation for a sector. The deeper the blue, the higher the increase compared with FY24RE. The deeper the red, the higher the decrease compared with FY24RE. 

As usual, interest payments garnered a lion’s share of the budget this year. In absolute figures, Rs 11,62,940 crore was allocated for interest payments. If expressed as a share of FY25BE’s total Budget, it comes to 24.12%, which is 0.62 percentage points more than its share in FY24RE. Apart from interest payments, the transport sector formed the bulk of the expenditure in FY25BE at 11.29%. However, transport’s share in the total Budget came down by 0.4% points from last year.

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The allocation to agriculture remained stagnant at around 3.1% of the total budget. Allocation to flagship schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY) and Pradhan Mantri Kisan Samman Nidhi (PMKSN), as a share of total budget, declined in FY25BE.

Defence expenditure as a share of the total Budget declined to 9.43%, the lowest in at least nine years. In fact, defence expenditure in absolute terms has also declined. Allocations to the departments of Space have stagnated, while the Science and Technology ministry’s share in total Budget has improved slightly to 0.17%.

Allocations to all the schemes under the Space sector, as a share of total budget, have stagnated. 

Allocations for various social sectors such as health, rural development and education as a share of the total budget have stagnated or declined, with the social welfare sector being the only exception – whose share improved to 1.17% of the total budget in FY25BE.

Also read: Budget 2024: The government’s focus is on ease of paying taxes 

Outlays to schemes under social sectors such as MGNREGA, Samagra Shiksha, Ayushman Bharat, old age pension, widow pension, Swasthya Suraksha, have all declined in the recent years. Allocation to Ayushman Bharat has remained more or less the same in recent years after a sharp increase seen in FY23. 

The Transport sector on the other hand has formed a bulk of this year’s expenditure. Allocation to the Ministry of Road Transport and Highways (MORTH) and the telecom department has remained consistently high. Allocations to the power sector too have improved marginally from last year. 

While the outlays to implement housing in urban & rural areas, and other basic amenities in urban areas improved marginally in FY25BE, allocations to smart city missions, as a share of the total Budget, has plunged. 

In FY25BE, the Railway Ministry outlay in the overall budget continued to be over the 5% mark. Allocations for the signalling and telecom works, under which KAVACH (automatic train collision system for trains) is included, increased compared with FY24RE

However, allocations for the Aviation Ministry which has remained consistently low in recent years declined marginally. The outlay for the Shipping Ministry has also stagnated.

Source: Budget Documents

Also read:How Chennai’s areas and streets voted in the 2024 Lok Sabha polls: A searchable list

“In the next two years, 1 crore farmers will be initiated into natural farming supported by certification and branding,” Union Finance Minister Nirmala Sitharaman said in her Budget speech, in New Delhi on July 23, 2024. File
| Photo Credit: Nagara Gopal

Prioritising the welfare of farmers and the development of the agriculture sector, Finance Minister Nirmala Sitharaman, in her Union Budget for 2024-25, on July 23 announced that the government will undertake a comprehensive review of agricultural research set-up to bring focus on improving productivity and develop climate-resilient varieties. ₹1.52 lakh crore has been allocated for agriculture and allied sectors, the Finance Minister said as she presented the Budget for the fiscal year 2024-25.

The government will work with States to promote digital public infra for agriculture, the Finance Minister said. “Funding will be provided in challenge mode including to the private sector and domain experts from the govt and outside will oversee the conduct of such research,” Ms. Sitharaman said in the Lok Sabha.

Also Read: Union Budget 2024 LIVE Updates

“In the next two years, 1 crore farmers will be initiated into natural farming supported by certification and branding. Implementation will be through scientific institutions and willing Gram Panchayats,” the Minister announced.

The Finance Minister announced that 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.

On missions for pulses and oilseeds, the Finance Minister said the government will strengthen their production, storage and marketing. “A strategy is being put in place to bring in Atma Nirbharta in oilseeds such as mustard, groundnut, sesame, soybean and sunflower,” Ms. Sitharaman said.

Also Read: A contributor, not consumer

Large-scale clusters of vegetable production will be set up near consumption centres, she announced.

The government will promote farmer producer organisations, cooperatives and start-ups for vegetable supply chains including for connection, storage and marketing, Ms. Sitharaman noted.

Digital public infrastructure in agriculture

On push to digital public infrastructure in agriculture for coverage of farmers and their land, the Finance Minister said, “During this year, digital crop survey for kharif will be taken up in 400 districts. The details of six crore and their land will be brought into farmer and land registries. The issuance of Jan Samarth-based kisan credit cards will be enabled in five States.”

The government will provide financial support for shrimp farming, processing and export, she added.

The government also announced a National Cooperation Policy for systematic and orderly all-round development of cooperative sector. “Fast-tracking growth of rural economy and generation of employment opportunities on a large scale will be the policy goal,” Ms. Sitharaman said in her Budget 2024 speech.

Finance Minister Nirmala Sitharaman created history as she presented her seventh straight Budget and the first Budget by the BJP-led NDA government since it was re-elected last month. Since her appointment as the Union Finance Minister in 2019, Ms. Sitharaman has presented six straight budgets, including an interim one in February this year. This was because an incumbent government cannot present a full Budget just before the Lok Sabha polls which were held in seven phases from April to June. Former Prime Minister Morarji Desai presented consecutive five full budgets and one interim budget between 1959 to 1964.

Union Finance Minister Nirmala Sitharaman. File
| Photo Credit: PTI

Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on July 23 at 11 a.m. It will be a record seventh consecutive Budget presentation for Ms. Sitharaman.

The Budget Session of the Parliament started on Monday with the Economic Survey 2023-24 being tabled in both Houses. The session is scheduled to have 16 sittings and is likely to conclude on August 12.

Also Read : Budget 2024 LIVE News, highlights: 23 July

The Budget 2024 presentation will be streamed on various platforms. Viewers can watch the Budget 2024 speech by Nirmala Sitharaman live at The Hindu. Follow our liveblog for all the latest news, reactions, and analysis of Budget 2024. The Finance Minister’s address will also be available to stream live via the Sansad TV.

Viewers of Sansad TV will have the option of listening to the Budget speech 2024-25 in Hindi. As expected the Budget Speech will be in English. STV 1 will telecast the Budget speech live in English only. Whereas Budget speech in Hindi can be listened on STV 2. For accessing the Budget speech in Hindi on STV 2, viewers will need to navigate through the language settings of the set-top box by using the remote control. By selecting Hindi language one can listen Budget speech in Hindi.

The July 23 Budget speech is expected to focus on infrastructure development, social welfare schemes, measures to boost economic growth and simplification of personal tax regime.

Congress general secretary Jairam Ramesh. File
| Photo Credit: PTI

The Congress on July 12 said the forthcoming Budget must address fundamental questions such as why private investment is “very sluggish” and private consumption is not picking up as the party dismissed claims that economic growth is accelerating sharply and large numbers of jobs being created.

Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23.

Congress general secretary, in-charge communications, Jairam Ramesh said, “The non-biological PM’s cheerleaders and drumbeaters claim that economic growth is accelerating sharply and that jobs are being created in large numbers. But if this was the case — and it is not — Why is private investment, a key engine of economic growth, still so very sluggish recording a 20-year low during April-June 2024? Why is private consumption, another key engine of economic growth, not picking up except at the high end,” Mr. Ramesh asked.

“Why have household savings plummeted to record lows and household debt shot up to record highs? Why have rural wages continued to fall and why is the wage share of national income declining?” he said, adding, why is manufacturing as a share of GDP at a record low and still decreasing? Why has the informal sector lost 17 lakh jobs in the last seven years? Why did unemployment reach a 45-year peak, with unemployment for young graduates at 42%?” the Congress general secretary said.

“These are fundamental questions that the forthcoming Budget will have to address while the Finance Minister sings praises of the non-biological PM,” Mr. Ramesh said.

On Thursday, the BJP claimed that around 12.5 crore jobs were created in the last 10 years of the Modi government and cited the latest Reserve Bank of India report to assert the creation of “five crore jobs in 2023-24 alone”.

Several experts have urged the government to provide tax relief to the common man to boost consumption and take steps to check inflation and accelerate economic growth.

The economy has recorded a growth rate of 8.2% in 2023-24. Earlier in February, Ms. Sitharaman presented an Interim Budget for 2024-25 in view of the Lok Sabha elections.

Illustration: Soumyadip Sinha

Finance Minister Nirmala Sitharaman, presenting her sixth Union Budget and her first Interim Budget, resisted the temptation to hand out dramatic pre-poll sops like the ones unveiled ahead of the 2019 Lok Sabha election, opting instead to bank on the government’s track record and the promise of “unprecedented development” in the next five years.

While broadly sticking to her assurance that this 2024-25 Budget would be a ‘vote on account’, without “spectacular announcements”, Ms. Sitharaman painted an elaborate picture of India’s imperfect past prior to 2014, with the economy and governance needing serious mending. She then outlined how the NDA government, with a ‘nation-first’ approach, had enabled the transition to a virtually perfect present.

Painting a rosy picture

“It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years,” Ms. Sitharaman said, promising a white paper in the House on the mess allegedly inherited by the Narendra Modi-led government and the economy’s subsequent resurgence to a path of sustainable, high growth.

Analysis | Nirmala Sitharaman’s interim Budget reveals BJP’s confidence in comeback

“People are living better and earning better, with even greater aspirations for the future. Average real income of the people has increased by 50%. Inflation is moderate,” she underlined.

New housing scheme

Though there were no tax breaks, some immediate promises were made, including a scheme to enable the “deserving” urban middle class to buy or build their own homes, two crore more rural houses to be built in the next five years, and 300 units of free power a month for one crore households through rooftop solar solutions, as mooted by Prime Minister Narendra Modi after the Ram Mandir’s consecration last month.

Finance Secretary T.V. Somanathan said the contours for the new housing scheme — which does not directly refer to urban households, but hints at them by picking beneficiaries from chawls, slums or unauthorised colonies — will be finalised before funding the plan.

Apart from a few such feel-good promises, the Finance Minister committed to work with States and stakeholders to implement “next generation reforms” in its next tenure. At the full Budget in July, the government plans to present a detailed roadmap for its vision of a developed India by 2047, she said, enunciating some guiding principles that will drive its approach.

Poll signals

Ms. Sitharaman also made it a point to emphasise that the government is committed to turning the eastern parts of India — Bihar, Jharkhand, West Bengal, Odisha, and Chhatisgarh — into the growth engines of the economy in the coming Amrit Kaal, a term used for the period leading up to 2047. Another plausible poll signal was the constitution of a high-powered panel to consider the challenges arising from “fast population growth and demographic changes”, although she parried queries on the intent of this move in her post-Budget press conference.

Terming ‘social justice’ an effective and necessary governance paradigm, the Minister argued that what was mostly a political slogan in the past has been achieved by this government, through a “saturation approach of covering all eligible people” to address systemic inequalities in society. “This is secularism in action, reduces corruption, and prevents nepotism,” she asserted, adding that the four major castes identified by the PM – the poor, women, youth and farmers — would receive primacy in policy.

There were no philosophers or poets quoted in her speech, which was about 25% shorter than the President’s Wednesday address that had also embellished the government’s achievements. Instead, Ms. Sitharaman invoked the PM’s speeches and beliefs about half a dozen times before she wrapped up.

Stringent fiscal discipline

While some hopes — for measures to spur consumption and rural demand against the backdrop of a poor monsoon, and to prod private investments — were dashed, Ms. Sitharaman’s fiscal discipline surprised most economists, who had expected this year’s fiscal deficit target (5.9% of GDP) to be breached. The FM not only revised the deficit estimate for this year to 5.8% of GDP, but also committed to hit the 5.1% mark in 2024-25, with a firm eye on bringing the fiscal gap to or below 4.5% of GDP in 2025-26.

Capital expenditure plans for the coming year got a modest but assured 11.1% increase, rising to an ostensbily auspicious number of ₹11,11,111 crore, and interest-free capex loans to States were raised to ₹1.3 lakh crore. Yet, gross and net borrowings planned in 2024-25 have been lowered from this year’s levels to ₹14.13 lakh crore and ₹11.75 lakh crore, respectively.

Interim Budget 2024 | Govt to come out with White Paper on mismanagement of economy prior to 2014, says Sitharaman

“Now that the private investments are happening at scale, the lower borrowings by the Central government will facilitate larger availability of credit for the private sector,” Ms. Sitharaman hoped, marking a prudent return to the tradition of keeping Interim Budgets low on profligacy and high on intent.

The announcement in the Interim Budget 2024 of providing rooftop solar power generation to one crore households has come as a response to multiple guarantees of free power by different political parties in different States, including in Delhi and Punjab by the Aam Aadmi Party and the Congress in others.
| Photo Credit: AP

Finance Minister Nirmala Sitharaman’s Budget speech on Thursday followed the norm of not announcing any new tax proposals as the country gets ready for the Lok Sabha election in a couple of months, but her political messaging was very clear — she asserted that the Modi government would return in July to present a full Budget, on the strength of its record, and that it did not need announcements of last minute sops to go into the polls. “Confidence over continuity,” as Prime Minister Narendra Modi put it in his post-Budget remarks.

Also Read | Budget 2024 live updates

“In the full Budget in July, Mr. Speaker, our government will present a detailed roadmap for the pursuit of ‘Vikasit Bharat’,” she said to table thumping by her parliamentary colleagues. Later Union Minister Bhupendra Yadav tweeted this portion of Ms. Sitharaman’s speech with the caption “In July 2024….” to reiterate the point. Almost two thirds of Ms. Sitharaman’s speech was based on achievements of the government in its 10-year tenure.

One of the most politically interesting announcements was on the programme to provide rooftop solar power generation to one crore households, as part of the Pradhan Mantri Suryodaya Yojana. It has come as a response to multiple guarantees of free power by different political parties in different States, including in Delhi and Punjab by the Aam Aadmi Party and the Congress in others.

Also Read | Interim Budget 2024: Highlights

Mr. Modi has spoken out against the “rewri” or freebie culture and therefore, this announcement, of making provisions for free power, not by declaring it as free, but under a subsidy model for the initial installation of solar panels etc, and some outlay by the beneficiary themselves is a political-economy response to what is now a political and fiscal challenge in many States in India. “Imagine you have given free power without driving the State exchequer and power distribution companies bankrupt,” said a source in the government.

There was also an acknowledgement that subsidised housing under Pradhan Mantri Awaas Yojana had continuing demand as more and more families have come under its ambit, and therefore an announcement that two crore more houses will be made was done.

Also Read: Puffed-up and poll-ready: Nirmala Sitharaman’s first Interim Budget

An interesting announcement with political ramifications was of setting up a committee to look at the whole issue of population and changes in demography. “Since it was announced by the Finance Minister, you can be sure that this committee will be looking at the question of population not just as a demographic issue but also economic, which will inform policies after that. Till now, the question of growing population or certain population trends was only a demographic question,” said a source in the government.

The Budget also saw the announcement that a White Paper to look at where the economy was in 2014, and where we it is now. “It is now appropriate to look at where we were then till 2014 and where we are now, only for the purpose of drawing lessons from the mismanagement of those years. The government will lay a White Paper on table of the House, Ms. Sitharaman said.

Also Read | Govt to take up next-generation reforms to facilitate growth: Sitharaman

“The White Paper is basically going to look at the change in the way the economy was handled under Prime Minister Modi, of growth generated by expenditure,” said a source.

As India prepares to go into the Lok Sabha polls, the BJP, if we go by Ms. Sitharaman’s speech is depending on its record for a third successive win.

India’s Finance Minister announced a new scheme to develop deep tech for defence purposes while presenting the Interim Budget for 2024-25.
| Photo Credit: SHIV KUMAR PUSHPAKAR

For tech-savvy youth, a corpus of ₹1 lakh crore will be established with 50-year interest free loans for providing long term financing or refinancing with long tenures and low or nil interest rates, announced Finance Minister Nirmala Sitharaman while presenting the Interim Budget for 2024-25.

“This will encourage the private sector to scale up research and innovation significantly in the sunrise domains,” she added.

The Finance Minister also said that a new scheme will be launched to develop deep tech for defence purposes.

On electric vehicles, she informed Parliament that government will expand and strengthen the sector through greater manufacturing and charging infrastructure.

(For top technology news of the day, subscribe to our tech newsletter Today’s Cache)

The government has allocated ₹1,500 crore for setting up semiconductor fabs in India under the Modified Scheme, she said.

Counting the achievements of Union Government, the FM said that the Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth. She added that 3,000 new Industrial Training Institutes (ITIs) were opened.

Nirmala Sitharaman informed that in the last ten years 7 Indian Institutes of Technology (IIT), 16 Indian Institutes of Information Technology (IIIT), 7 Indian Institutes of Management (IIM), 15 All India Institute of Medical Sciences (AIIMS) and 390 Universities have been set up in the country.

She briefed that ₹34 lakh crore worth of Direct Benefit Transfer (DBT) has been achieved in the last decade, and it saved ₹2.7 lakh crore of government as a result.

More than 1360 Agricultural Produce Marketing Committees (mandis) have been digitised, doing a business of 3 lakh crore, she told.

FM informed the house that Digital Public Infrastructure (DPI) has been instrumental in formalisation of the economy.

“Technological advancements are transforming lives and businesses, creating new economic opportunities,” she said.

Terming the Interim Budget presented by Union Finance Minister Nirmala Sitharaman as “progressive”, veteran BJP leader B. S. Yediyurappa complimented her for presenting a realistic Budget that will improve the standard of living of people.

The former Karnataka Chief Minister said the Budget reaffirms the commitment of the BJP government towards building a strong, empowered, developed and a “Vishwaguru” India in the coming days, which will complement the progress of the country. 

“Hearty congratulations to the Finance Minister Nirmala Sitharaman, who has presented the country’s ‘progressive Budget’ to further strengthen the country’s economy, and towards realisation of Prime Minister Narendra Modi’s concept of Navabharat,” Yediyurappa posted on social media platform X.

“Without presenting the Budget of pre-election popular slogans, through this Interim Budget, the Union Finance Minister has presented a realistic Budget that will improve the standard of living of our youth, farmers, women and especially the backward and vulnerable sections of the people, creating new hope and opportunities,” he added. – PTI

Agriculture and allied sector players termed the Interim Budget 2024-25 as a promising roadmap for strengthening agriculture, agrochemical, dairy sectors by encouraging investment in research and development, technology and warehousing that will empower farmers and their livelihood.

“The Interim Budget 2024-25 reiterates the government’s commitment to strengthening the ‘Annadata’ and backbone of our nation – our farmers. From direct financial assistance through PM-KISAN SAMMAN Yojana to expanding farmer-centric policies and promoting innovations, the budget paves the way for inclusive, sustainable growth in the agricultural sector,” Godrej Agrovet Managing Director Balram Singh Yadav said.

Parag Milk Foods Chairman Devendra Shah said with the focus on the agriculture sector, the announcement of a comprehensive program for dairy farmers, coupled with efforts to control foot and mouth disease, is a positive step.

“The commitment to promote indigenous breeds and fostering research and development in the dairy sector through government schemes lays the foundation for increased productivity and sustainable growth,” he added.

Warehousing services provider Sohan Lal Commodity Management (SLCM) Group founder and CEO Sandeep Sabharwal said that the impetus given to post-harvest activities in the Interim Budget is a welcome step.

“It is a positive move to encourage private-public partnerships and address the diverse ambit of post-harvest agricultural logistics, including storage, supply chain as well as primary and secondary storage. In addition to the one crore women already coming under the purview of Lakhpati Didis, the government now intends to incorporate 3 crore new Lakhpati Didis under the scheme, and we hope it transforms several lives in the Indian agri space across the rural parts of the country,” he added.

Deloitte India Partner and Consumer, Products and Retail sector Leader, Anand Ramanathan commented that the Interim Budget 2024-25, continues to support growth and productivity in agriculture through interventions in crop insurance, encouraging use of nano fertilisers, promoting self-sufficiency in oilseed production, and increasing investments in micro food processing.

“Also, from a protein standpoint – boosting dairy productivity and supporting sea food exports are some of the big areas of focus. These announcements will provide employment opportunities for the rural economy,” he stated.

Dhanuka Agritech Managing Director MK Dhanuka said, “The announcement to further encourage private and public investment in areas of post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding is a laudable step.” “The decision to promote the application of nano DAP on various crops in different agro-climatic zones is in line with the government’s vision of promoting technological advancement in the rural sector.” KC Ravi, Chief Sustainability Officer, Syngenta India and Chairman Crop Life India, said that the robust physical-digital-social infrastructure developed in the last decade has given the economy a good foundation for a Viksit Bharat by 2047.

Digital infrastructure and infusion of technology is imperative to not only sustain the momentum but also to take the agriculture growth story to its logical conclusion. he said.

Agritech start-up Otipy’s founder and CEO Varun Khurana said the encouragement for private and public investment in post-harvest activities is commendable, promising a more resilient and sustainable agricultural ecosystem.

“The commitment to modernise the farm sector, focusing on improved storage, efficient supply chains, and branding, reflects a strategic vision to enhance the overall efficiency and competitiveness of Indian agriculture.

These measures align with the contemporary needs of the sector and are crucial steps towards ensuring long-term prosperity for farmers and fostering growth in the agritech landscape,” he noted.

Insecticides India Managing Director Rajesh Aggarwal said the continuation of flagship schemes such as the PM Kisan Samman Yojana and PM Fasal Bima Yojana, providing direct financial assistance and crop insurance respectively, exemplifies the government’s dedication to safeguarding the livelihoods of our farmers.

“We are particularly encouraged by the emphasis on technology adoption and innovation in agriculture. The integration of 1,361 mandis into the Electronic National Agricultural Market, serving 1.8 crore farmers, is commendable. Furthermore, the budget’s focus on modern storage, supply chains, and branding, will encourage private and public investment in post-harvest activities,” he said.

Arya.ag co-founder and CEO Prasanna Rao commented that the Budget’s commitment to boost both private and public investment in post-harvest infrastructure will go a long way in enhancing the outcomes.

“It will not only lead to a reduction of losses but also elevate productivity. Additionally, the expansion of Nano DAP and the commitment to oilseed self-reliance are pivotal and significant steps in achieving sustainable agricultural advancement,” he added. — PTI