Article: Interim budget 2024 focuses on youth empowerment and innovation: Industry


Interim budget 2024 focuses on youth empowerment and innovation: Industry

With a focus on youth-centric initiatives and technological advancement, the budget outlines ambitious plans to nurture entrepreneurial spirit, enhance skill development, and stimulate economic growth.
Interim budget 2024 focuses on youth empowerment and innovation: Industry

The Finance and Corporate Affairs Minister Nirmala Sitharaman, while presenting the Interim Union Budget for 2024-2025 in Parliament today emphasized improving people’s capability and empowering them to make India developed by 2047.

Making a slew of announcements, Sitharaman announced that for our tech-savvy youth, this will be a golden era, as a corpus of rupees one lakh crore will be established with a fifty-year interest-free loan. “The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will also encourage the private sector to scale up research and innovation significantly in sunrise domains,” Sitharaman said.

"Attention to the empowerment and well-being of India’s Youth is a welcome step The government is right in recognising that the country’s prosperity depends on adequately equipping and empowering our young population. Youth will play a crucial role in supporting the government’s vision of building Viksit Bharat by 2047," said Rahul Veerwal, CEO & Founder, GetWork who hopes that the full budget in July will have ample economic policies to boost both employment creation and skill training opportunities for the youth.

Infrastructure projects, tourism initiatives, and expanded rail networks depict a nation gearing up for unprecedented development. 

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“The announcement of 50-year interest-free loans for innovation heralds a golden era for our tech-savvy youth, positioning India as a global hub for research and development. The Union Budget 2024 lays a robust foundation for a holistic and empowered India, aligning with our collective vision of achieving developed nation status by 2047,” said Devashish Sharma, CEO and founding member at Taggd.

Amit Mishra, Co-Founder & CEO, iMocha, says that tax benefits for startups align with Atma Nirbhar Bharat, yet a more targeted approach is needed for skill development, especially in emerging technologies like AI and cybersecurity. 

“There's a pressing need for targeted resource allocation toward essential tech skills. Collaborative initiatives between the government and the private sector will be crucial for addressing workforce challenges and making individuals future-ready. Skills intelligence will play a vital role in identifying and meeting these objectives,” Amit added.

Entrepreneurial spirit

For Anshuman Das, CEO and Co-Founder, Careernet, the financial provisions outlined by the finance minister signals a paradigm shift, especially in the empowerment of women. “With 300 million Mudra Yojana loans, the nation is fostering entrepreneurial spirit, while the remarkable 28% surge in female enrolment in higher education speaks volumes about the strides in education equality. Notably, our optimism is further fuelled by the impressive 43% representation of girls and women in STEM courses, showcasing a commitment to diversity and inclusivity. This budget sets the stage for a more inclusive and vibrant employment landscape."

Reflecting on the Interim Budget 2024 presented by Sitharaman, Felix Kim, Co-founder & CEO, Redrob applauds the government for withdrawing outstanding direct tax demands up to Rs. 25,000 and the extension of tax exemptions for startups. It demonstrates a proactive approach towards taxpayer services and fostering innovation. 

He also welcomes the government's focus on proposing interest-free loans and long-term financing for technological advancements.

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Topics: Business, Economy & Policy, #Budget2024

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