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Mint Mumbai
|February 02, 2024
The ₹1 tn innovation fund is expected to help India transition from a services economy to a research and manufacturing hub
The ₹1 trillion innovation fund announced by finance minister Nirmala Sitharaman in the interim budget on Thursday is expected to give a big boost to local technology development and manufacturing, and help India move beyond providing high-tech services towards development of products, experts said.
In her interim budget speech on Thursday, Sitharaman said the fund would provide 50-year loans with low or nil interest rates to private-sector companies to scale up research and innovation in sunrise sectors. "For our tech-savvy youth, this will be a golden era," she said. "We need to have programmes that combine the powers of our youth and technology."
This story is from the February 02, 2024 edition of Mint Mumbai.
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