In the Interim Budget presented in the Lok Sabha, Finance Minister Nirmala Sitharaman announced a corpus of Rs 1 lakh crore for youth, aimed at providing long-term financing and refinancing. This initiative is designed to support young entrepreneurs in scaling up their innovations in sunrise industries.
Sitharaman highlighted the importance of innovation for development, especially for the tech-savvy youth, referring to this period as a "golden era" for them. The corpus of Rs 1 lakh crore will offer 50-year interest-free loans, providing long-term financing at low or nil interest rates for the private sector to enhance research in sunrise sectors.
The government's priority is to provide training and empower Indian MSMEs to compete globally. To meet this objective, support will be extended to MSMEs for innovation and substantial growth. Additionally, a new scheme will be launched to strengthen the deep-tech sector for defense purposes.
The full-fledged budget will be presented by the new government that assumes power after the elections.
(With Agency Inputs)
