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Interim Budget 2024 Live News: Finance Minister Nirmala Sitharaman made a historic revelation during the Interim Budget 2024 address, introducing "atma nirbharta," a visionary program designed to promote self-sufficiency and strengthen deep tech technologies for defense. Allocating a substantial ₹1 lakh crore (₹1 trillion) corpus, Sitharaman outlined a strategic plan to finance research and innovation in technology.
The corpus aims to offer long-term financing or re-financing with prolonged tenors and low-interest rates. This is made possible by a 50-year interest-free loan. This groundbreaking step is designed to incentivize the private sector, encouraging significant scaling up of research and innovation, particularly in what is referred to as "sunrise domains."
In her address to the Parliament, Sitharaman emphasized the foundational role of innovation in driving development. The creation of the ₹1 lakh crore corpus signifies a commitment to advanced tech research, and strengthening defense capabilities. The extended loan terms and low-interest rates are anticipated to fuel robust private sector involvement in research and innovation, aligning with the government's vision for a technologically advanced and self-reliant India.
Drawing inspiration from the leadership of past prime ministers, Sitharaman invoked Lal Bahadur Shastri's iconic slogan "Jai Jawan, Jai Kisan." She underscored the evolution of this mantra by Atal Bihari Vajpayee to include "Jai Vigyaan," emphasizing the importance of science, and ultimately, Prime Minister Narendra Modi's addition of "Jai Anusandhan" or "Jai Research." This progression signifies a holistic approach to nation-building, acknowledging the vital role of research and development in shaping India's future.
Sitharaman lauded the strides made in digital public infrastructure, showcasing the government's efficient delivery of benefits through direct transfers to PM Jan Dhan's accounts. This streamlined process resulted in disbursing ₹34 lakh crore to beneficiaries and significant savings of ₹2.75 lakh crore by plugging leakages.
Underscoring the transformative impact of the Skill India Mission, the Finance Minister highlighted the training of 14 million youth and the reskilling and upskilling of an additional 5.4 million. This program not only gives people more authority but also helps create a workforce that is knowledgeable and flexible, which is essential for economic expansion.
Sitharaman detailed the integration of 1,361 mandis into the electronic National Agriculture Market (eNAM), a testament to the government's commitment to leveraging technology in the agricultural sector. This digital platform, serving 18 million farmers, witnessed a trading volume of ₹3 lakh crore, revolutionizing agricultural transactions and fostering transparency.
In essence, the Interim Budget 2024 charts a transformative course, steering India towards technological excellence, defense preparedness, and socio-economic development. The strategic allocation of funds reflects a forward-looking approach, positioning the nation for a dynamic and self-sufficient future.
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