Budget 2024 tech key highlights: 5 Major announcements by FM Sitharaman

Budget 2024 tech key highlights: 5 Major announcements by FM Sitharaman

Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 in Parliament, opting for a digital approach by presenting it on a tablet enclosed in a red ‘bahi khata’ adorned with the national emblem. While industry insiders anticipated significant strides in artificial intelligence, the budget focused on other key tech-related announcements.

Here are the five things to know on the interim tech budget today:

  1. In a notable move, Sitharaman declared that one crore households would receive up to 300 units of free electricity monthly through rooftop solarization, aligning with Prime Minister Narendra Modi’s commitment made during the Ram Mandir consecration ceremony on January 22.
  2. The budget allocated a substantial corpus of Rs. 1 lakh Cr. for long-term financing or refinancing options, extending up to 50 years with minimal or zero interest rates. This initiative aims to spur research and innovations within the private sector, leveraging the synergy of youth and technology.
  3. Addressing defense and export capabilities, a new scheme will be introduced to bolster deep tech technologies under the Aatmanirbhar Bharat infrastructure. This move underscores the government’s commitment to fostering self-reliance and innovation.
  4. The electric vehicle (EV) ecosystem is set for expansion, with a focus on enhancing manufacturing and charging infrastructure. The government envisions increased adoption of e-buses for public transport, reinforcing its commitment to sustainable mobility.
  5. Highlighting the significance of technology for Micro, Small, and Medium Enterprises (MSMEs), Sitharaman emphasized the government’s priority in ensuring timely and sufficient financing. Acknowledging the importance of relevant technology, proper training, and financial support, the Finance Minister emphasized these measures as crucial for facilitating sustained economic growth. The overarching goal is to contribute to energy security, emphasizing availability, affordability, and accessibility.

While the budget did not unveil specific measures in the arena of artificial intelligence , it outlined a comprehensive strategy to harness technology for socio-economic development.


Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!

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Published: 01 Feb 2024, 06:20 PM IST

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Author: Shirley