Nirmala Sitharaman's proposals recognise the importance of startups and advanced technologies in making India more self-reliant
The government will release a policy on battery swapping and standards for interoperability of electric vehicles (EVs) infrastructure that will accelerate the shift from fossil fuel-burning vehicles to EVs
Image: Shutterstock
India’s Minister of Finance Nirmala Sitharaman didn’t make any blockbuster announcements with respect to the tech sector or startups in her Budget proposals on Tuesday, but certainly recognised their increased importance to the nation’s economy and to long-term sustainable development.
Her Budget proposals for the coming fiscal year, which starts April 1, included several incremental measures to make life easier for entrepreneurs, and to induct advanced technologies in multiple areas—from digital banking and military platforms to sustainable cities of the future.
Advanced technologies in multiple areas—from artificial intelligence (AI) and clean tech to genomics—“have immense potential to assist sustainable development at scale and modernise the country”, Sitharaman said. “They provide employment opportunities for youth, and make Indian industry more efficient and competitive.”
The latest Budget would be the first stepping stone for building a modern India over the next 25 years, when the nation will mark the 100th year of its independence, she told Parliament. As part of this vision, the government aims to “promote digital economy and fintech, technology-enabled development, energy transition, and climate action,” Sitharaman said.