Key takeaways from FM Nirmala Sitharaman’s tech announcements in Budget 2024

Finance Minister Nirmala Sitharman unveiled the Interim Budget 2024 in Parliament on February 1. It is worth noting that this budget is temporary, with a comprehensive budget set to be announced by the new government after the general elections. As anticipated, the FM introduced various reforms in the tech sector, delivering the budget in a paperless format using a digital tablet enclosed in a red ‘bahi khata’ adorned with the national emblem. Despite industry experts’ high hopes for artificial intelligence (AI) advancements, no such announcement was made. Take a look at the key tech sector announcements from the Interim Budget 2024.

Budget 2024: 5 key announcements for the technology sector

1. The Minister of Finance announced that one million households will receive up to 300 units of free electricity per month with rooftop solar energy. It follows Prime Minister Narendra Modi’s decision at the consecration ceremony of the Ram Mandir in Ayodhya on January 22.

2. Rs. 1 lakh Cr. long-term financing or refinancing options are offered. This is granted for a maximum of 50 years without interest and at a low or zero interest rate. This aims to encourage the private sector to increase research and innovation by combining the forces of young people and technology.

3. Under the Aatmanirbhar Bharat infrastructure, a new scheme to strengthen deep technology for defense purposes and exports will be launched, the Finance Minister announced.

4. The Minister of Finance announced the expansion of the electric vehicle (EV) ecosystem with supporting manufacturing and charging infrastructure. Electric buses will be used more and more in public transport.

5. The Finance Minister said that the government’s priority is to provide adequate and timely funding for the technology required for the growth of micro, small and medium enterprises (MSMEs). To achieve this, the availability of the necessary technology, appropriate training and adequate funding is crucial. The FM said that the government promotes high and more resource-efficient economic growth. This measure aims to increase security of energy supply in terms of availability, affordability and availability.