A roadmap to Viksit Bharat

Union Budget 2024's focus on the TMT sector presents a comprehensive and strategic roadmap for advancing India's technological capabilities

- PEEYUSH VAISH

Finance Minister Nirmala Sitharaman presented the first full-fledged budget of the Modi government's third term. The Union Budget 2024 has set ambitious targets to drive transformative changes across various sectors, strongly focusing on leveraging technology to propel progress towards Viksit Bharat. This budget aims to lay a robust foundation for future growth by focusing on innovation, digital infrastructure, and supportive policies for the technology and telecom sector.

One of the most notable features of Union Budget 2024 is establishing a mechanism to stimulate research and development in the private sector. The government has allocated a substantial corpus of Rs 1 trillion for financing at low or nil interest rates. This initiative, coupled with the operationalisation of the Anusandhan National Research Fund, aims to boost basic research and prototype development. By creating a conducive environment for cutting-edge research, the government seeks to encourage innovation and technological advancements that will drive India's progress.

The budget earmarks a considerable allocation of Rs 1,163,420 million for IT and telecom expenditures, underscoring the sector's critical role in national development. Here are key insights into Budget 2024 from the technology, media, and telecom sector perspective.

WITHDRAWAL OF THE EQUALISATION LEVY