Finance Minister Nirmala Sitharaman presented the Budget today and she had a number of announcements to make. The technology section found a mention too. While the technology leaders had a huge number of expectations, here we list some of the top ones that were announced by the FM.
Check out the Budget 2025 Technology Highlights below:
1. In her eighth consecutive Budget speech, the FM announced the setting up of a centre of excellence in AI education. Five National Centres of Excellence for skilling to be set up with global expertise and partnerships to equip youth with skills required for “Make for India, Make for the World” manufacturing Centre of Excellence in Artificial Intelligence for Education to be set up with outlay of Rs 500 crore 10,000 additional seats to be added in medical colleges and hospitals in next year.
2. Investing in Street Vendors and Online and Urban Workers: Gig workers of online platforms to be provided with identity cards and registration on e-Shram portal Scheme for socio-economic upliftment of urban workers to be implemented PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI-linked credit cards with Rs. 30,000 limit, and capacity building support
3. National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar. It will provide a strong fillip to food processing activities in the entire Eastern region.
4. FM also said that IIT Patna will be expanded. FM announced that broadband connections will be provided to all secondary schools and PHCs.
5. Basic Customs Duty
The Modi government has announced full exemption of Basic Customs Duty (BCD) on cobalt powder and lithium-ion battery waste, scrap, and 12 other minerals. The intent is two-fold: a) to secure the availability of these materials for manufacturing in the country and b) to ensure the creation of greater job opportunities, especially for youngsters.
6. Investing in People: Public Education and Health
* 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years
* Bharatiya Bhasha Pustak Scheme to be implemented to provide digital-form Indian language books for school and higher education
7. PM Research Fellowship
10,000 fellowships to be provided under the PM Research Fellowship scheme in next five years, for technological research in IITs and IISc
8. National Geospatial Mission
National Geospatial Mission to be launched to develop foundational geospatial infrastructure and data.
9. A dedicated Nuclear Energy Mission that has been announced. It Will operationalise five Small Modular Reactors (SMRs) by 2033. It is a pivotal step towards boosting India's nuclear energy capabilities.
10. Electronic Goods
* BCD on Interactive Flat Panel Display (IFPD) increased from 10% to 20% . * BCD reduced to 5% on Open Cell and other components.
* BCD on parts of Open Cells exempted.
* Lithium Ion Battery: 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing exempted.
For those who may be interested in what the major theme of Budget 2024 presented in July 2024 were, here are the basic highlights:
Mobile Phone and Related Parts
BCD on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15 per cent.
Solar Energy
Capital goods for use in manufacture of solar cells and panels exempted from customs duty.
Budget Estimates 2024:
Total receipts other than borrowings: Rs 32.07 lakh crore.
Total expenditure: Rs 48.21 lakh crore.
Net tax receipt: Rs 25.83 lakh crore.
Fiscal deficit: 4.9 per cent of GDP.
Government aims to reach a deficit below 4.5 per cent next year.
Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%.
The focus of budget was on EMPLOYMENT, SKILLING, MSMEs, and the MIDDLE CLASS.
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