Union Minister Dr Jitendra Singh Highlights Innovation and Startups as Cornerstones in Interim Budget 2024-25, Aiming for a Viksit Bharat by 2047
Union Minister Dr Jitendra Singh today emphasized the significance of innovation and startups in the Interim Budget 2024-25, setting the stage for a Viksit Bharat by 2047.
The Minister highlighted the inclusion of a corpus of Rs One Lakh Crore in the Interim Budget to invigorate private investment in emerging technologies. The Union Finance Minister’s proposal was hailed by Dr Jitendra Singh, who stated, This will mark a golden era for our tech-savvy youth. He further added that the initiative will encourage programs that harness the potential of young minds and technology.
Speaking to the media after the presentation of the Interim Budget in the Parliament, Dr Jitendra Singh, the Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, expressed his enthusiasm for the allocation of Rs 1 lakh crore to promote innovation and startups. He also commended the introduction of a new scheme for Deep Tech Startups in Defense and an exclusive Biomanufacturing scheme to support Bio-Startups and the bio-economy. According to Dr Jitendra Singh, these initiatives reflect Prime Minister Shri Narendra Modi’s determination to leverage science and technology to achieve the goal of Viksit Bharat by 2047.
Highlighting the significance of self-reliance in the field of science and technology, Dr Jitendra Singh applauded the proposed scheme aimed at strengthening Deep-Tech technologies for the Defense Sector. Additionally, he praised the Department of Biotechnology, Ministry of S&T, for its successful development of a series of vaccines. In line with this, the Interim Budget proposes the vaccination against cervical cancer for girls aged 9-14 years as a preventive measure.
Furthermore, the Interim Budget introduces a novel scheme for bio-manufacturing and bio-foundry, which will promote environmentally friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs. Dr Jitendra Singh emphasized the vital role that DBT (Department of Biotechnology) will play in this scheme, which focuses on sustainable growth and the transformation of manufacturing practices to align with regenerative principles.
The Interim Budget also addresses other key areas, such as achieving self-reliance in oil seeds through the development of high-yielding varieties and promoting climate-resilient activities for the Blue Economy. Dr Jitendra Singh highlighted the importance of the Blue Economy as a significant contributor to India’s overall economy, with the Deep Ocean Mission announced by Prime Minister Modi as its core component. As part of the Samudrayaan Mission, India aims to send three individuals in a submersible called MATSYA to explore deep-sea resources like minerals at a depth of 6000 meters within the next 2-3 years.
The Interim Budget places considerable emphasis on indigenous solar energy manufacturers by proposing a sustainable and eco-friendly approach to power subsidies, linking them to rooftop solar development and electricity feed-in to distribution grids. Dr Jitendra Singh stated that these measures are part of India’s commitment to achieving net-zero emissions by 2070, as pledged by Prime Minister Modi. The budget speech also highlights the expansion of the electric vehicle (EV) ecosystem.
Dr Jitendra Singh concluded by affirming that these initiatives will receive a further boost when the full-fledged budget is presented in July. He believes that these interventions will stimulate technology-led development, leading to the realization of a five trillion dollar economy and fulfilling the vision of Viksit Bharat.
With a focus on innovation, startups, technology, and sustainable growth, the Interim Budget 2024-25 sets in motion crucial steps toward a Viksit Bharat by 2047, aligning with India’s aspirations for advancement and self-reliance.
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