Unlocking Innovation: A Comprehensive Look at India's Budget 2024
Vineet Jhabak
CA & CS | F&A | Disruptor | LinkedIn Contributor | PwC (AC) | Ex-Accenture | Ex-CAPEXIL Ministry of Commerce & Industry Disclaimer- In my account, any Opinion and POV is mine only and nothing to do with anyone.
Boosting Research and Innovation: Finance Minister announced a landmark move by establishing a corpus of Rs 1 lakh crore which aims to provide low or nil-interest rate loans, fostering private sector-led research and innovation in sunrise sectors.
How One Should Pursue It??
Stocks of companies leading in technological innovation may experience a surge as they tap into the funding for research & development.
Disruptive Technology Stocks
Semiconductor and Display Manufacturing Surge:
GoI has once again iterated its focus on developing India into a semiconductor nation. After making a non-planned allocation of Rs3,000 crore in the Union Budget 2023-24, the government has once again allocated Rs 6,903 crores in Budget 2024-25. This allocated amount will help in the development of semiconductors and display manufacturing ecosystems.
PLI Scheme for IT Hardware Expansion:
With an aims at boosting electronic manufacturing in the country, the government has increased the outlay for the PLI scheme for IT Hardware from Rs 4,560 crore in 2023-24 to Rs 6,200 crore in 2024-25
??National Quantum Mission:
The National Quantum Mission witnesses a substantial boost, with an allocation of Rs 477 crore for 2024-25, emphasizing quantum computing's strategic importance.
Electric Vehicles Encounter Speed Bump ?
India's push for electric vehicles faces a hurdle as the FAME scheme budget sees a substantial 44% reduction, falling to Rs 2,671 crore for FY25.
???Agritech Embraces Public-Private Collaboration
India's agritech industry applauded the government’s push on public-private partnerships for post-harvest innovation.