Interim budget 2024 unveils scheme for deep-tech innovation in defence

In addition to the defence-focused initiative, Sitharaman addressed the agricultural sector, outlining the government’s intention to stimulate both public and private investments in post-harvesting agriculture activities.

During the presentation of the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman unveiled a strategic initiative with the introduction of a new scheme aimed at enhancing deep-tech capabilities within the defence sector. Sitharaman’s announcement highlighted the government’s commitment to fostering technological advancements in defence.

In addition to the defence-focused initiative, Sitharaman addressed the agricultural sector, outlining the government’s intention to stimulate both public and private investments in post-harvesting agriculture activities. She underscored the expansion of the application of nano DAP (Di-Ammonium Phosphate) across various crops in different agri-climatic zones, demonstrating a multi-faceted approach to agricultural development.

Furthermore, the Finance Minister detailed plans for significant infrastructure projects, including the construction of three major railway corridors. These corridors encompass diverse objectives, with one specifically designated for cement transportation. Additionally, Sitharaman revealed ambitious plans for the conversion of 40,000 normal railway bogies to the Vande Bharat standard, indicating a commitment to modernizing and standardizing railway infrastructure.

The budgetary allocations align with the vision articulated by Defence Minister Rajnath Singh in October 2023. Singh emphasized the imperative for India to bolster its armed forces with modern equipment to achieve the goal of becoming a developed nation by 2047, marking the 100th year of Independence.

Stronger armed forces equipped with cutting-edge weaponry are necessary if we are to build a developed nation. Therefore, we must make the most of the financial resources at our disposal,” Singh declared, emphasizing the critical role that a strong defence apparatus plays in the overall course of national development.

Sitharaman’s unveiling of a scheme to fuel deep-tech innovation in defence aligns seamlessly with Singh’s vision, indicating a concerted effort to prioritize technological advancements in the defence sector. The diversified approach of the budget, spanning agriculture and infrastructure, reflects a holistic strategy aimed at fostering comprehensive national development.

As the interim Budget sets the tone for the fiscal year, the government’s emphasis on defence innovation, agricultural investment, and infrastructure development signals a commitment to transformative initiatives that extend beyond economic considerations, encompassing strategic and developmental imperatives for the nation’s future.