Union Minister Jitendra Singh has highlighted the significance of the Interim Budget 2024-25, emphasizing its focus on innovation and startups to achieve the goal of a developed India by 2047, known as ‘Viksit Bharat @2047.’ Speaking to the media after the budget presentation, Mr Singh has discussed key allocations and schemes that demonstrate the government’s commitment to harnessing science and technology for national development.
The Interim Budget 2024-25, presented by Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, proposes a substantial corpus of Rs One Lakh Crore to stimulate private investment in sunrise technologies. Union Minister Jitendra Singh hailed this move, stating, “This will mark a golden era for our tech-savvy youth,” and emphasized that it would encourage programs that harness the potential of the youth and technology.
As the Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Jitendra Singh highlighted the government’s clarity and conviction in leveraging science and technology for national progress. He particularly commended the allocation of Rs 1 lakh crore to promote innovation and startups, along with new schemes for deep tech startups in defense and a dedicated biomanufacturing scheme for bio-startups and the bio-economy.
Mr Singh underscored the Prime Minister’s commitment to Atmanirbharta (self-reliance) in science and technology, highlighting the proposed scheme for strengthening deep-tech technologies in the defense sector. He also praised the Department of Biotechnology’s success in developing vaccines and mentioned the proposal for cervical cancer vaccination for girls aged 9-14, reinforcing the focus on preventive healthcare.
The Interim Budget introduces a new scheme for bio-manufacturing and bio-foundry, promoting environmentally friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs. Mr Singh emphasized the role of the Department of Biotechnology in driving green growth and transitioning from consumptive manufacturing to regenerative principles.
The Finance Minister’s reference to achieving ‘atmanirbharta’ in oil seeds through the development of high-yielding varieties and the promotion of climate-resilient activities for a Blue Economy was also highlighted by Jitendra Singh. He stated that the Blue Economy would become a significant contributor to India’s overall economy, with the Deep Ocean Mission being a core component. As part of the Samudrayaan Mission, India plans to send a submersible called MATSYA to explore deep-sea resources, such as minerals, at a depth of 6000 meters.
The Interim Budget places a considerable emphasis on indigenous solar energy manufacturers, adopting a sustainable and eco-friendly approach to power subsidy by linking it to rooftop solar development. Jitendra Singh noted that these initiatives align with India’s commitment to achieving Net Zero by 2070, as pledged by Prime Minister Modi. Furthermore, the budget speech stresses the expansion of the electric vehicle (EV) ecosystem.
Jitendra Singh anticipates that these initiatives will gain further momentum when the full-fledged budget is presented in July. He highlighted that these interventions would provide impetus to technology-led development, contributing to the realization of a five-trillion-dollar economy and fulfilling the commitment to a developed India during Amritkaal. The Interim Budget sets a strategic roadmap for leveraging science, technology, and innovation to propel India towards sustainable and self-reliant growth, aligning with the vision of a developed nation by 2047.