The winners are ST and Surface Technologies, the Chemicals and Pharmaceuticals sector, and the Union Budget for 2024. The Union Budget 2024–25 presented by Finance Minister Nirmala Sitharaman was instrumental in various sectors. But it has had a revolutionary impact on the technology sector. Thus, in this article, the core findings of the budget are considered concerning the technological aspects that will be discussed and their influence on consumers and the market. India’s Fiscal Year Budget: Union Budget for 2024-2025 The list of compositions in the Union Budget for 2024–2025 includes the infrastructure development in India, improvements in the ease of doing business, and the budget for its general development.
highlighting the “Made in India” program and digital India together:
With technological growth, the budget tries to establish India as a technological giant in the world. Key Takeaways Economic growth as well as fiscal management in the state offer a good explanation of the above facet. Finance Minister Sitharaman stressed the government’s intent and ability to achieve a sustainable, high rate of gross domestic product GDP growth while following frugal fiscal policy measures. The measures include reorganizing the government’s list of expenditures to avoid wastage and, at the same time, mobilizing the nation’s revenues effectively to meet the budgetary goals. Infrastructural Development High amounts have been provided in the budget for the creation of infrastructure such as highways, railways, and urban developments. These indices, in my view, are focused on enhancing the transport networks and cutting down transport hitches and barriers to trade and business in the nation.Social Welfare and Employment Some of the other measures that can also be derived from the Union Budget 2024–25 include the government’s welfare schemes aimed at uplifting the living standard of social groups. Besides, the budget is geared towards creating employment by
financing skills development and SME’s Technology-Related Announcements:
As for the basic customs duty on the importation of mobile phones, the government has decreased the rate to unlock the demand for greater production. The Union Budget 2024–25 plan is one of the major announcements related to technology development, and the BCD of mobile phones and related components has been lowered to 15 percent. By so doing, it is expected that this move will increase the affordability of mobile phones for consumers and also stimulate domestic manufacturers. As a result, the government will be able to control import costs and, at the same time, motivate companies to manufacture products in India, which supports the “Make in India” drive.
Digital Infrastructure and Connectivity Sitharaman, the Finance Minister,
noted the need for adequate investment in the establishment of digital structures that will propel this economy. To entice people in the undeveloped regions of the country, besides the development of low-power terrestrial TV broadcasting, the budget provides funding for the development of high-speed broadband internet connections. Also, the government has envisaged the improvement and development of digital facilities in educational institutions, encouraging the learning process and skill development through online mode.Cybersecurity and Data Protection Thus, with data particularly being processed on electronic platforms, issues of security, especially on the cyber front, have become paramount. The budget set aside capital for the enhancement of cybersecurity across the nation and the defense against cyber within the flowing fiscal year. The government also intends to introduce more rigid measures on data protection to improve users’ experience and confidence in the services. Effectiveness of the Technology Sector The technology-related announcements in the Union Budget 2024–25 are going to have a significantly large impact on the industry. To promote consumer demand and domestic manufacturing, IA said that it has cut the customs duty on mobile phones. Increased government incentives in semiconductor manufacturing and favoring startup organizations will help in improving its functionality and will make India a place for advanced technological development.
Conclusion
The Union Budget 2024–25 has been laid out by the Honorable Finance Minister. The Union Cabinet is a historic step in addition, coupled with advancing technological industry in India, and Nirmala Sitharaman is equally an advancement. Major programs aimed at reducing import costs, encouraging domestic manufacturing endeavors, and advancing digital infrastructure in the country offer a solid background for the advancement of the technology market. These efforts are probably being developed today, while India is expected to turn into a technology and innovation world champion.
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