Plan To Strengthen Deep Technology In Defence Sector: FM Sitharaman

Finance Minister Nirmala Sitharaman introduces the new plan to strengthen deep technology in the defence sector in the Interim Union Budget 2024.

However, Co-founder and Managing Partner of Seafund, Mayuresh Raut says that the scheme for deep tech in defence will not only help the government start addressing the Make in India initiative through indigenous technologies in defence but also unlock these technologies for other civilian uses.

“Deeptech-focused funds like ours will benefit from enabling initiatives like this,” Raut added.

FM Sitharaman also promised economic reforms to stimulate growth in her speech on the Narendra Modi government’s budget, the final before the May 2024 Lok Sabha elections. For the government, the Interim Budget is viewed as THE economic platform, providing hints to the market about its objectives for fiscal consolidation, borrowing, and future taxation policies.

India’s capital investment for 2024-25 has been increased by 11 per cent to Rs 11.11 lakh crore, or 3.4 per cent of GDP, Sitharaman announced on Thursday.

She stated that the tripling of capex over the last four years has had a multiplier effect on economic growth and job creation.

As per the Interim Budget documents, the defence ministry has been given the highest allocation.

Here are allocations for specific ministries:

• Defence Ministry: Rs 6.2 lakh crore

• Ministry of Road Transport and highways: Rs 2.78 lakh crore

• Ministry of Railways: Rs 2.55 lakh crore

• Ministry of Consumer Affairs, food & Public Distribution: Rs 2.13 lakh crore

• Ministry of Home Affairs: Rs 2.03 lakh crore

• Ministry of Rural Development: Rs 1.77 lakh crore

• Ministry of Chemicals and Fertilisers: Rs 1.68 lakh crore

• Ministry of Communications: Rs 1.37 lakh crore

• Ministry of Agriculture and Farmer's Welfare: Rs 1.27 lakh crore