During the presentation of the Union Budget 2024, Finance Minister Nirmala Sitharaman made a number of policy announcements aimed at accelerating the country's technology and
startup ecosystem, particularly in the
sunrise sectors.
The key takeaways from Finance minister Sitharaman's speech on the sixth budget are as follows:
1. Sitharaman said the public authority will grow and reinforce the e-vehicle biological system by supporting assembling and charging framework. She added that higher reception of e-transports for public vehicle organizations will be supported through the installment security instrument.
The government could unveil an expanded third phase of the incentive scheme for
electric vehicles in the interim budget and could set aside Rs 10,000-12,000 crore for the third installment of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme, as per economic times.
The FM likewise said the public authority means to help about a crore families under the housetop solarisation conspire. The move is probably going to give a lift to the electric vehicle charging biological system.
“One crore households will be able to obtain up to 300 units of free electricity per month,” she said.
2. The FM said the public authority will lay out a corpus of Rs 1 lakh crore with a 50-year sans interest credit to help the development of India's educated youth. The corpus will empower long haul supporting or renegotiating with long residencies at low or nothing financing costs. This will urge the confidential area to increase exploration and development in dawn spaces.
Right from the Spending plan declaration last year, the public authority has been endeavoring to make equipment and electronic assembling in India an enticing suggestion for worldwide organizations.
The Indian Semiconductor Mission (ISM) has been revived by the government to encourage companies in peripheral industries that manufacture semiconductors to establish operations in the nation.
Through the India Semiconductor Mission (ISM) in 2023, the government swiftly advanced its agenda.
The Narendra Modi government increased customs duties on the finished product while lowering customs duties on several components. The Financial plan last year additionally expanded the concessional customs obligation on a few information parts by another year to help nearby assembling speculation.
The second phase of the PLI scheme for IT hardware, which had a budget of Rs 17,000 crore more than the first phase, was announced by the government in May of that year.
3. Sitharaman told the Parliament that a new plan will be launched to strengthen deeptech for the defense sector.
Access to funding, strengthening the intellectual property regime, sustaining
deeptech startups, and enabling shared infrastructure and resource sharing are just some of the nine topics that the government proposed changing in a draft national deeptech startup policy that was released the previous year.
Among the means proposed was the setting up of a devoted 'deeptech capital direction' reserve in which the public authority, confidential restricted accomplices and unfamiliar financial backers anchor specific responsibilities to another asset or a current asset as an asset of asset (FoF) structure.
4. The FM said that specific tax breaks to new businesses and speculations made by sovereign riches or annuity assets, as duty exclusion on specific pay of some IFSC units, will lapse on Walk 31, 2024, and to give progression in tax collection, they have been stretched out to Walk 31, 2025.
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