Boost for Innovation: DPIIT Secretary Highlights Budget’s Emphasis on Deep-Tech and Startups.

Announcements in the interim Budget 2024-25 signal a significant push for India’s innovation-led economy, according to DPIIT Secretary Rajesh Kumar Singh. The 11% increase in capital expenditure, reaching Rs 11.11 lakh crore, and the provision of a Rs 75,000 crore interest-free loan for 50 years to support state reforms are expected to enhance logistics efficiency and reduce costs. Provisions for research and development are anticipated to stimulate private sector investments, with a new scheme for strengthening deep-tech technologies providing an additional boost to startups. Finance Minister Nirmala Sitharaman’s budget prioritizes infrastructure spending, promoting investments in post-harvest activities, and adhering to fiscal consolidation, aiming for a 5.1% fiscal deficit in 2024-25. The budget aligns with the vision of making India a developed nation by 2047.